Gabriel Martinelli, Gabriel Jesus and Ben White are all open to offers, according to BBC Sport. Academy graduates Myles Lewis-Skelly and Ethan Nwaneri are also on the list, with the club seeking a combined minimum of £100 million for the pair.
Because both Lewis-Skelly and Nwaneri came through the Hale End academy, any fees received would count as pure profit on Arsenal's balance sheet — a key financial consideration after spending more than £250 million last summer.
Nwaneri, 18, was loaned to Marseille in January having fallen behind in the pecking order. Lewis-Skelly, 19, has seen his opportunities reduce following the arrival of Piero Hincapie on loan from Bayer Leverkusen, who the club have already decided to sign permanently.
Martinelli's situation is the most striking of the senior departures. The Brazilian winger has scored just once in the Premier League this season. Arsenal have identified Aston Villa's Morgan Rogers as a potential replacement, and Bayern Munich, Chelsea and Manchester United are also circling the Villa midfielder.
Jesus and White would each command substantial fees.
One player who appears safe is Martin Odegaard. The Norway captain has faced scrutiny during moments of Arsenal's title charge, and with two years remaining on his contract questions over his future have surfaced. Arteta wants to keep him.
The summer rebuild will be funded partly by outgoings and partly by fresh investment. Arsenal are monitoring Newcastle United's Tino Livramento as a full-back target, and interest in Sandro Tonali has also been reported.
The business of winning the title comes first. Then the real work begins.