Emery sets sights on strengthening his Gunners with Real Madrid trio
Arsenal have made approaches for three Real Madrid players, enquiring about Dani Ceballos, Lucas Vazquez and Marcelo.
Vazquez could sign for the Gunners as early as next week, after the club signalled that they are willing to meet Madrid's £30m valuation.
Veteran full-back Marcelo is being eyed as a possible back-up if they fail to secure the signature of Celtic's Kieran Tierney.
The Gunners' £17.5m bid for the Scottish player was turned down due to nonsensical add-ons.
Unai Emery's side are also one of a number of clubs monitoring Ceballos. The 22-year-old starred for Spain in the recent Under-21 Euros and, as Real look to recoup some cash from their fringe players, could be available.
Arsenal are joined by Liverpool and Tottenham in the race for his signature.
The Gunners have also reportedly been offered a fresh alternative to Wilfried Zaha in the form of Barcelona's Malcom.
The Londoners came close to signing the 22-year-old Brazilian last summer and have been offered the chance to do so again.
There appears to be no movement in Arsenal's move for Zaha since an opening bid of £40m was dismissed by Crystal Palace.
Zaha is desperate to make the move, with his brother recently describing it as a "dream".
Free agent Yacine Brahimi, meanwhile, is edging closer to a move to north London. Brahimi will demand a £3m signing-on fee but personal terms are not thought to be an issue.
Elsewhere, Arsenal's young Northern Ireland ace Daniel Ballard has joined Swindon Town on a season-long loan.
And Bordeaux have made Laurent Koscielny their primary transfer target this summer, with Arsenal demanding at least £9m for the 33-year-old.