Chelsea have joined Arsenal in the chase for Cerro Porteno's Sergio Ismael Diaz Velazquez but the youngster insists his future is at Roma.
Arsenal striker Theo Walcott says he wants to stay at Arsenal and win the Premier League.
Atletico Madrid will face tough competition from Arsenal and Liverpool for Luciano Vietto.
If Arsenal, Manchester United or Chelsea are to sign Aston Villa striker Christian Benteke then they will have to offer a £150,000-a-week deal to the striker, the Daily Star reports.
Arsenal are expected to fail in their bid to sign Borussia Dortmund's Ilkay Gundogan.
Arsenal manager Arsene Wenger insists the Gunners can win the Premier League title next season.
Manchester United have joined Arsenal in the race to sign Real Madrid's Karim Benzema.