Hello friends, The below is just my opinion and purely hypothetical and open for discussion.
Transfers (Value in Mil Euros)
Players to be sold:
Wojciech Szczęsny (15); Matthieu Debuchy (5); Kieran Gibbs (10); Lucas Pérez (15); David Ospina (5); Carl Jenkinson (5); Joel Campbell (5). Income: 50 mil
Players to be bought:
Alexandre Lacazette (55); Riyad Mahrez (30); Joe Hart (15).
Expenditure: 100 mil
Net Expenditure: 50 mil (60 mil max)
Selling Szczesnny and Ospina is a logical move and Hart would be the best available option (also available at a low price). Also English and has valuable experience in winning the league and is England’s No. 1 (ticks a lot of boxes). This would surely be a shrewd long term signing. Defence looks good and selling dead weights like Gibbs, Debuchy and Jenskinson frees up space. Campbell can be sold as his future looks bleak at best and Mahrez would be a great addition to the wings. Mbappe is not coming and at 120+ mil is a little too overpriced and the best alternative is Lacazette, hopefully he will be joining soon.
Goalkeepers: Joe Hart, Peter Cech, Emiliano Martínez
Left Back: Sead Kolasinac, Nacho Monreal
Central Defence: Laurient Koscielny, Skhodran Mustafi, Gabriel, Rob Holding, Per Mertesacker
Right Back: Bellerin, Callum Chambers
Defensive Midfield: Granit Xhaka, Francis Coquelin, Mohamed Elneny
Central Midfield: Alex Oxlade Chamberlain, Jack Wilshere, Santi Cazorla
Left Wing: Alexis Sanchez, Alex Iwobi
Attacking Midfield: Mesut Ozil, Aaron Ramsey
Right Wing: Riyad Mahrez, Theo Walcott
Striker: Alexandre Lacazette, Olivier Giroud, Danny Welbeck
Starting with goalkeepers, Joe Hart is the first choice with Cech rotating when needed. Kolasinac and Monreal would take care of the left back slots (rotating when needed). Central Defence looks good with Koscielny and Mustafi looking solid. Gabriel and Holding are able deputies. Bellerin is the first choice right back (should not be sold for any price) and Chambers or Gabriel can deputise when needed. Xhaka would be the main defensive midfielder (surely would improve in the second season) and Coquelin & Elneny are good backups. Chamberlain, Ramsey & Wilshere would be the central midfielders (rotating as per the team requirement and also with other positions as well). Sanchez (should not be sold) owns the left wing position and Iwobi is very good as witnessed last season and hence is the back-up to Sanchez. Ozil would be the playmaker. Also this position can be rotated along with central midfield with Ramsey, Wilshere etc as back-ups. Mahrez would be a great addition and also a creative outlet on the right wing. Walcott is more than an able cover and can also be used in rotation with others. Lacazette (pray that this transfer is completed) would be the main striker with Giroud as “plan B” like last season and Welbeck can also be used for rotation.
This is keeping in mind the matches to be played next season (including the highly demanding Europa league). Also this squad would have a lot of versatile players for rotation.
First Team (PL): 4-2-3-1
GK: Hart; LB: Kolasinac; CD: Koscielny, Mustafi; RB: Bellerin; DM: Xhaka; CM: Ramsey; LW: Sanchez; AM: Ozil; RW: Mahrez; ST: Lacazette (Subs: Cech, Gabriel, Monreal, Giroud, Chamberlain, Wilshere, Iwobi)
Solid Defence. Strong Competent Midfield. Attacking Strike Force. Bench Strength.
P.S: Unlikely but handy transfers: Chris Smalling (solid defender and in the market for a cut price), Ross Barkley (for the right price and could be an able successor to Cazorla), Wayne Rooney (not a bad move because at any age or in any form he is worth his place and his biggest strengths are captaincy, PL winning experience which Arsenal sorely need, and enormous hunger and grit).
Hoping for the best!