Arsene Wenger will make a push for a giant clear out before pressing ahead with more summer signings, reports the Daily Mirror.
Nicklas Bendtner, Denilson, Lukasz Fabianski and Carlos Vela have been earmarked for permanent north London departures, while the club will be looking to release Manuel Almunia at the end of his contract in June.
Andrey Arshavin - currently on loan in his native Russia - could be sold permanently to Zenit St Petersburg, and the Gunners will also consider offers for defensive duo Sebastien Squillaci and Johan Djourou.
Numerous names have been linked with the Emirates Stadium, as Wenger looks to significantly strengthen his squad ahead of the 2012-13 campaign, with a view to mounting a renewed push for the Premier League title next year.
Arsenal will also be looking to improve on this season's last-16 finish in the Champions League, having been defeated over two legs by AC Milan at the first knock-out stages.
Wenger has been credited with an interest in free transfer moves for Blackburn forward Junior Hoilett and Chelsea winger Salomon Kalou, but insists the club will look to sell before they buy.