The Gunners face a crucial north London derby against Tottenham on Sunday afternoon, with the winner gaining a crucial boost as the race for a top four spot goes to the wire.
Arsenal have a number of A-list targets – the likes of David Villa, Steven Jovetic, Mario Gotze, Luiz Gustavo and Victor Valdes have all been mentioned.
But the report claims Arsenal would find it extremely difficult to lure any of them to the Emirates Stadium if they failed to qualify for next season’s Champions League.
Arsenal currently find themselves in fifth place, four points behind Spurs. Victory at White Hart Lane would put them well in the mix, but defeat would leave them a massive seven points shy of their fierce north London rivals.
And Arsene Wenger knows the significance of Champions League qualification when it comes to attracting top players to the Premier League.
The report claims the Gunners boss is drawing up a back-up plan – should the worst happen and Arsenal finish outside the top four.
Players on the transfer B-list include Newcastle’s Yohan Cabaye, Wigan midfielder James McCarthy and Celtic star Victor Wanyama.
Toulouse midfielder Etienne Capoue has also been mentioned as a possible Arsenal transfer target – but Spurs are interested as well. It could come down to whichever club secures that coveted Champions League spot.