Arteta's current deal expires in 2027, and the club are moving to extend it by a further two years, recognising that his status as one of Europe's most coveted coaches means they cannot afford to allow uncertainty about his future to linger.
His salary of £5m per year is expected to increase significantly in the new agreement, with substantial Champions League bonuses also factored in given the club's presence in Europe's top competition for a second consecutive season.
Sporting director Andrea Berta, who joined from Atletico Madrid last summer, is leading the summer transfer planning. The primary target is Atlético Madrid striker Julián Álvarez, 26, who won the Champions League with Manchester City in 2023 and the World Cup with Argentina in 2022.
Álvarez appeals to the club for his versatility — he can operate as a centre-forward, a wide attacker or a second striker — his consistency at the highest level and his track record of contributing in the biggest games. His release clause is understood to be around €150m, though Atletico may accept a lower negotiated fee.
Central midfield is also a priority. Newcastle United's Sandro Tonali, 26, is a target Arteta has pushed for across multiple windows. Arsenal were serious about a deal even before the title win, with sources describing their interest as running deeper than publicly reported. Newcastle are expected to demand at least £75m but would be reluctant to sell given the player's importance to their Champions League ambitions.
Mateus Fernandes of West Ham United is another option in midfield if Tonali proves unobtainable, as is Porto's 20-year-old Danish sensation Victor Froholdt, who won both Porto's player of the season and young player of the season awards this year. Arsenal have formally registered their interest in Froholdt and are one of three major clubs understood to be in dialogue with Porto about a fee.
Left wing and centre-back reinforcement are also on Berta's list. The summer spending will not reach the £250m invested last year — and player sales are also expected — but the Kroenkes' programme notes for Monday's Burnley game made clear there will be no standing still.
The Champions League final against Paris Saint-Germain in Budapest on May 30 gives Arteta the chance to add European glory to his domestic title in a manner no Arsenal manager has ever achieved.