Chief executive Ivan Gazidis claims that Arsenal are determined to land "top quality additions" this summer.
The Gunners are attempting to capture Lyon hitman Alexandre Lacazette as they bid to bolster their front line before the start of the new Premier League season.
Arsenal have also been a £31million bid for Monaco midfielder Thomas Lemar turned down - but they are ready to return with a more sizable apoproach.
So far, full-back Sead Kolasinac is the only arrival of the summer.
The 24-year-old Bosnian joined on a free transfer from Schalke last month but is only the start of Arsenal's activity.
Gazidis insists that the Gunners are ready to splash the cash on players that will see them return to title contention in the Premier League.
Speaking at a fan Q&A event, Gazidis said: “We signed one of the players in the Bundesliga team of the season [Kolasinac].
“We’re looking for top quality additions.”
Gazidis also defended the decision to hand Arsene Wenger a new two-year contract this summer, despite failing to qualify for the Champions League.
Next season will be the first time in Wenger's 21-year reign that Arsenal will not compete alongside the best of the rest in Europe.
On the new deal, Gazidis said: “It wasn’t a sentimental decision. It was a mutual one.”