Arsenal could be set to splash the cash to continue their summer overhaul after their capture of Riccardo Calafiori.
The Gunners announced the versatile Italian defender as their second signing this window in a £38million transfer on Monday.
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His arrival means the north London giants have forked out £65m after they turned David Raya's loan spell from Brentford into a permanent switch for £27m.
And that figure is expected to break the £100m barrier and could even exceed £150m if Mikel Arteta has it his way.
Although he tried to play that down during the club's pre-season tour.
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"We don't expect to do anything like it. That's the reality," Arteta said. "We have to wait and see the movements in the market. We have already identified the things that we can improve.
"We had the meetings in February, March, April. So if we can, we will strengthen the team. So far I'm really happy with what we have."
talkSPORT understands that Arsenal are set to add to their transfer kitty with Emile Smith Rowe poised to join Fulham in a deal rising to £34million.
Once the Hale End graduate's exit is confirmed, Arsenal would step up in their pursuit to sign a left-sided central midfielder, with £25m-rated Mikel Merino identified as Granit Xhaka's replacement - 12 months after his sale to Bayer Leverkusen.
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This could see Declan Rice drop from his box-to-box role to feature as a No.6 - where he starred for West Ham and continues to be deployed on international duty with England.
And to complete what would be another hectic summer at the Emirates, a striker could be the last addition to the squad as Arsenal look to win a first Premier League title since 2004.
Italian media had suggested that Napoli marksman Victor Osimhen was on the club's radar to provide competition for Kai Havertz and Gabriel Jesus.
However talkSPORT understands it is Chelsea who are advancing in talks to sign the Nigerian star over an initial season-long loan deal, which could lead to Arsenal making a move for Viktor Gyokeres.
Here talkSPORT.com takes a look at how Arsenal could line up against Wolves on August 17 if they managed to land their two top targets.
Spanish shot-stopper Raya will keep his place as the club's No1 between the sticks having won the Golden Glove last campaign with 16 clean sheets.
Mikel Arteta and the Arsenal players welcome new signing Ricardo Calafiori from Bologna
Ben White will undoubtedly keep his spot at right-back having become one of the top-flight's best full-backs since transitioning from a centre-back.
And Calafiori, who featured as a centre-back for Bologna last season and for Italy at Euro 2024, may play on the opposite side of defence.
Though it's not a position that is unfamiliar to the 22-year-old, who played at left-back before his switch to Bologna in 2023.
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His arrival will mean that Jurrien Timber will likely be used as back-up cover, a blow for the Dutchman who was limited to just three appearances last season following an ACL injury.
Arteta would then partner William Saliba and Gabriel Magalhaes in the heart of the defence, with the duo widely considered to be one of the best centre-back pairings in Europe.
And Rice could then slot in as the lone defensive midfielder ahead of Thomas Partey, who continues to be linked with a switch to Saudi Arabia.
Despite starring in the No8 role in his opening year at Arsenal, the possible signing of Real Sociedad's Merino would likely see the 28-year-old deployed there instead.
The ex-Newcastle man, who was part of Spain's Euro 2024 winning squad alongside Raya, could help Arsenal's attack down the left, with line-breaking passes a huge part of his game.
Boasting a similar style to Xhaka, this would especially help out left winger Gabriel Martinelli, who struggled in the absence of the Switzerland international.
Skipper Martin Odegaard would then complete the midfield three, with the Norwegian recognised as one of Europe's top playmakers.
Bukayo Saka will almost certainly start on the right wing, despite yet to feature in pre-season so far, where he will be looking to better his 34 goal involvements from last term.
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Martinelli may then get the nod over Leandro Trossard on the opposite flank having dazzled in the pre-season win over Manchester United.
And with Osimhen seemingly out of the equation for Arsenal, they may look to sign Sporting Lisbon centre-forward Gyokeres.
The Swedish striker, who joined the Portuguese outfit from Coventry last summer, chipped in with 43 goals and 15 assists in all competitions to fire his side to the league title.
Arsenal scouts watched him in action last campaign, and have even been keeping tabs on him this pre-season ahead of a potential switch.
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But it remains to be seen whether they will activate his £86m release clause, or if they will be able to negotiate the fee down.
Should he end up at Arsenal, it is likely he will start above Havertz and Jesus to lead the line under Arteta.
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