Arsenal are pushing to sign Dani Ceballos on a season-long loan from Real Madrid and have asked Gremio about a £32m deal for winger Everton Soares.
They have agreed a deal with St Etienne for William Saliba with the defender being loaned back.
The north London outfit are also revising their offer for Celtic and Scotland full-back Kieran Tierney.
Arsenal appear to have fended off interest from fierce north London rivals Tottenham in the pursuit of both midfielder Ceballos and centre back Saliba.
Unai Emery is also desperate to bring in a winger this summer to provide service to Pierre-Emerick Aubameyang and Alexandre Lacazette.