Arsenal may have to consider selling players, including Bukayo Saka, in order to fund new signings, The Sunday Times say.
It comes amid speculation over the future of Martin Odegaard, who has impressed while on loan with the Gunners from Real Madrid.
Arsenal want to sign the midfielder on a permanent deal and other clubs are sure to be interested if Real are willing to let him go.
The Sunday Times suggest that could lead to departures from the Emirates Stadium and that England international Saka, 19, could be one of those to go.
The same newspaper also say West Ham could miss out on signing Jesse Lingard because his loan deal does not include an option to buy.
Lingard has been outstanding since arriving from Manchester United and Hammers boss David Moyes would like to keep him at the London Stadium.
But The Sun on Sunday say United would have been prepared to sell for £20m but could now demand double that price in light of Lingard’s form.
The Mail on Sunday, on the other hand, reports that Moyes is unconcerned that an option to buy was not included in the loan agreement.
Moyes said at a recent press conference: “We will say yes we’d love to have Jesse, because of how well he’s doing, but we’ve still get nine games to go to, to judge and assess Jesse, just like Manchester United will have a period of time to think whether they want to sell or keep him. There’s nothing in place at the moment.”