It is quite clear that we are entering a new phase in the economics of football, it could be some time before clubs are able to spend extravagantly and bargains will be the order of the day.
Snapping up a quality player on a free is as economical as one can get and with wages also expected to be curtailed going forward then players about to become free agents will be highly coveted.
Here are just a few that Mikel Arteta could consider once the transfer window opens up.
Reports have linked Fraser with a move to the Emirates for a long time and the links last season even affected him during this campaign.
He could be a fine squad player that should provide the assists that will be needed next season.
Reports have tipped Willian to leave Chelsea after seven years of service and signing him would be a major coup for us.
The Brazilian would walk straight into this Arsenal team and he would bring a new dimension to our attack.
Caballero is at the end of his Chelsea spell and I think he is a good option for a second choice goalie.
He has shown great ability at stopping spot-kicks and we might just need him in the Cup competitions.
Silva is set to leave Manchester City and he will leave the Etihad as a legend.
He still has a few more years left in him and I suspect that he wants to play in another country.
Mikel Arteta should convince him to join us as he can become a catalyst for the team next season.
Longstaff has just one senior season under his belt, but the midfielder has shown that he can become a Premier League star.
He scored twice against Manchester United this season and he can become a better player under Mikel Arteta.
Lundstram has been delivering on a weekly basis, however, I expect Sheffield United to do all they can to keep him, but Arsenal can land him by matching their offer or making him a better one.