Arsene Wenger's team has made two signings so far this summer.
Arsenal broke a club record to sign Alexandre Lacazette last week.
The French striker completed a medical at the Emirates on Tuesday.
But the French manager has nevertheless reportedly failed in signing two Portuguese players.
The Gunners appear set for a busy summer in the transfer market.
Ander Herrera is one of Jose Mourinho's key players.
Wenger needs a forward, but opne won't be easy to land.
Lyon would prefer to sell to a rival club rather than Arsenal or another English team.
The Frenchman faces the tricky task of trying to hold onto his players while signing big names.
Wenger could be staying on at Emirates Stadium.
The manager has been at the London club since 1996.
The Frenchman can pay whatever it takes for Lacazette and Mustafi.
The Gunners manager is looking to bring a striker to the Emirates.
Riyad Mahrez and Alexandre Lacazette could both join.
Alexandre Lacazette of Lyon could be on his way.
The Lyons striker's reported move to Newcastle United would be logical despite the club's Premier League plight.