Arsenal manager, Mikel Arteta is set to offload nine players during the summer transfer window as a means of gathering money for the market.
The North London side lost their chance of playing in the Champions League on the final day of the season.
The Gunners which lost fourth place to north London rivals, Tottenham will now play in the Europa League next season.
Arsenal is willing to let go of their players currently on loan, as Arteta plans to build a new team at the Emirate.
According to the Sun, UK, Arsenal is looking to raise around £60million and significantly trim its wage bill.
The players the club is planning to let go include Matteo Guendouzi and Konstantinos Mavropanos, who are on loan to Marseille and Stuttgart, respectively, and Hector Bellerin, Lucas Torreira, Bernd Leno, Ainsley Maitland-Niles, Pablo Mari, Alexandre Lacazette and Eddie Nketiah.
The club is yet to decide on the futures of William Saliba and Reiss Nelson, who have impressed at Marseille and Feyenoord.
Arteta will add three academy prospects, Charlie Patino, Miguel Azeez and Omari Hutchinson, who he rates very highly, to his squad.