Mikel Arteta will likely strengthen the squad this summer.
The Gunners are on course to win the Premier League crown as they are eight points ahead of title-holders Man City in the league table.
The North London club will play Champions League football for the first time since the 2016/17 season.
Even though Arsenal added quite a few players in the last two transfer windows, some players could leave the Emirates who have struggled for minutes this year.
Club legend Emmanuel Petit has backed Arsenal to sign Ollie Watkins from Aston Villa who has scored 12 goals in the Premier League this season.
He also believes Brighton duo Moises Caicedo and Alexis Mac Allister would be great additions to the Arsenal squad.
Petit told Stadium Astro: “The Aston Villa striker, Watkins. I think he has a margin to improve more at the highest level.
“This is my question, actually, if he can perform at the highest level. But in terms of quality, I think he has improved a lot for the last two years.
“If he keeps on doing what he’s doing, he’s scoring goals almost every game, he’s in really good form. I think some top clubs will have their eyes on him.”
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