Having finally penned a new contract to stay on as manager, Wenger is set to be given a sizeable transfer kitty to boost the club's Premier Leaguie title hopes.
And, according to reports, he has identified Alexandre Lacazette, Kylian Mbappe and Thomas Lemar as his main targets.
Lacazette has been a long-term target of the Gunners boss having developed into one of the most prolific strikers in Europe at Lyon.
The 26-year-old, who netted 37 goals in all competitions last season, will be allowed to leave Lyon this summer if his £60million valuation is met.
Arsenal are also said to be working on a sensational deal for Lacazette's international teammate Mbappe.
The 18-year-old has emerged as the most sought-after young player in world football after a stunning breakthrough season with Monaco.
Mbappe is also wanted by Real Madrid and would likely command a world-record transfer fee - but that has not put Arsenal off making a move.
Arsenal are also reportedly chasing Mbappe's Monaco teammate Thomas Lemar.
The 21-year-old midfielder scored 19 goals last season and is part of the France senior squad.
With a host of signings being planned, there are expected to be outgoings at Arsenal.
Wenger appears to have accepted that Alexis Sánchez will not sign a new contract and, with just 12 months left on his current deal, the Chilean could be sold this summer.
There are also doubts over the futures of Mesut Ozil, Lucas Perez and Olivier Giroud.
