Arteta handed £150m transfer budget with five first-team players set to leave

Arsenal transfer news: According to recent reports, the Gunners will have a budget of over £150 million this summer

Arsenal will have a budget of over £150 million for the summer transfer window through club funds and sales, according to the Independent.

The north Londoners are keen to close the gap between themselves and league-leaders Manchester City, who currently sit one point ahead of Mikel Arteta's side in the race to win this season's Premier League title, although the reigning champions also have a game in hand on their title rivals.

Now, the aforementioned report claims that Arsenal have seen a considerably higher level of potential signing express interest in a move to the Emirates Stadium - with plenty of high-level agents now coming straight to the club to discuss possible moves.

It is said that the improving image of the club as one of the most exciting in Europe has helped with this, as well as the fact that they have qualified for next season's UEFA Champions League.

According to the Daily Mail, Hale End academy graduate Nelson has recently rejected a new deal in north London, with AC Milan and Brighton interested in the talented winger.

After he scored a late winner against Bournemouth back in March, the former Hoffenheim loanee claimed that staying at the Emirates was his preferred option. “Of course (I want to stay),” he said.

“I’ve been here since I was eight and Arsenal is all I know. I’m only a couple of minutes from the stadium, all my family is there. So of course I’d love to stay.

“To be playing, even in games just like this I’m delighted. Of course, injuries are just a minor setback, but of course, I just look towards the future and hopefully, I can play many more years at the club.”