Arsenal chiefs are reportedly willing to back Mikel Arteta with a significant summer transfer budget regardless of their league finish.

Barring a spectacular turn of events on the final day of the Premier League season, Arsenal will miss out on a top-four spot and a place in the Champions League.

Back-to-back defeats to Tottenham Hotspur and Newcastle United have left the Gunners two points adrift of their North London rivals in the table and seemingly set to settle for fifth.

In order to qualify for the Champions League, Arsenal must overcome Everton at the Emirates Stadium and hope that 20th-placed Norwich City can pull off a shock win over Spurs this Sunday.

Should Arsenal ultimately come up short in their top-four bid, it is expected to have a slight impact on their summer spending spree ahead of the 2022-23 season.

However, The Telegraph reports that funds will be made available even if Arsenal only make the Europa League, with Arteta planning to oversee a major squad reshuffle.

Gunners chiefs supposedly believed that a top-four finish was unlikely at the start of the season, and as a result, Arsenal's long-term budget has not been severely impacted by their late collapse.

Arsenal are already confirmed to be welcoming Matt Turner to the club, with the American goalkeeper set to act as Aaron Ramsdale's understudy ahead of Bernd Leno's expected exit.

A deal for Sao Paulo attacker Marquinhos is also expected to be wrapped up in the coming weeks, and the 19-year-old will arrive for a £3m fee before an expected loan move elsewhere.

The Gunners are also still believed to be interested in Manchester City attacker Gabriel Jesus, but a lack of Champions League football could make it difficult to sign the Brazilian.

Furthermore, City are rumoured to be demanding in excess of £50m for a player who will be out of contract next year, which could tempt Arsenal into seeking out alternative attacking targets.

Eddie Nketiah and Alexandre Lacazette are set to leave when their deals expire next month, and the likes of Darwin Nunez, Alexander Isak and Dominic Calvert-Lewin are on the Gunners' radar.

Arteta could also be on the lookout for a new full-back in the form of Bologna's Aaron Hickey, but Arsenal are not believed to have agreed a deal for the Scotland international just yet.

Mohamed Elneny has confirmed his desire to sign a new contract at Arsenal, but the Gunners are still being tipped to bolster their engine room with the signing of Leicester City's Youri Tielemans.

As well as the soon-to-be free agents, Lucas Torreira, Matteo Guendouzi and Pablo Mari could all complete permanent moves elsewhere, while Stuttgart have confirmed the permanent signing of Konstantinos Mavropanos.

Out-of-favour attacker Nicolas Pepe has also reportedly decided that he wants to leave the club this summer having started just five Premier League games this season.