The report claims the Arsenal boss has drawn up an extensive transfer wishlist, with Crystal Palace winger Wilfried Zaha, Liverpool shot-stopper Pepe Reina, West Ham's Mohamed Diame and Atletico Madrid frontman Adrian the club's main priorities.
Up to £60m is available to Wenger in January, and the Gunners manager will get another £30m in the summer, when Arsenal receive the first tranche of investment from the freshly agreed £150m commercial deal with Emirates that begins in 2014.
The report suggests Wenger is seriously worried Arsenal could miss out on a Champions League qualification spot this season, and is prepared to green-light a major overhaul of the squad.
Wenger also expects Thierry Henry to rejoin the team for a third time in January, on a short-term loan deal from the New York Red Bulls.
The report claims Arsenal are prepared to offload several of the club's fringe players to make space in the squad for the new additions, including Andrei Arshavin, Marouane Chamakh, Sebastian Squillaci, Lukas Fabianski, and possibly even Emmanuel Frimpong.
In recent transfer windows, Wenger has financed his purchases through the sale of star players - Robin Van Persie, Samir Nasri, Emmanuel Adebayor and Cesc Fabregas, for example - but this could be set to change in January if the Gunners boss opts to splash the cash.