Arsenal are currently in the midst of an overhaul of their squad with the signing of Alexandre Lacazette already wrapped up.
The France international signed earlier this month for a fee of £52million and made an immediate impact by scoring on his debut against Sydney FC.
However, the signing of Lacazette is unlikely to be their last piece of business.
Arsenal are keen on Monaco duo Thomas Lemar and Kylian Mbappe, while Leicester's Riyad Mahrez is also supposedly on Arsene Wenger's radar.
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Arsenal star Theo Walcott is wanted by Everton
The arrival of another attacker could spell trouble for Walcott, who has struggled to live up to the high expectations Gunners fans thought he would reach when he signed from Southampton in 2006.
Everton are reportedly interested in snapping him up, with Ronald Koeman's side determined to carry on their summer spending spree.
Koeman has already spent big to land the likes of Michael Keane, Jordan Pickford and Davy Klaassen – in addition to securing an emotional Goodison Park return for Wayne Rooney.
Walcott would take the amount spent on new recruits to well beyond the £100million mark – a sign of the difference the Premier League's new TV deal is making.
Ian Wright thinks Arsenal should sell Theo Walcott to Everton
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Arsenal star Theo Walcott could link up with Wayne Rooney at Everton
And club legend Wright, though a fan of the England international, thinks Arsenal should accept a bid of £30m should Everton offer it.
"Sad to see the amount of disrespect that Theo gets from the fans," he replied to Arsenal Fan TV on Twitter.
"I'll always love him, but if it is a 30 million bid, got to take it."