Reports suggest the Frenchman is interested in taking Brazilian starlet Casemiro to the Emirates Stadium along with long-term target Alvaro Morata.
Arsenal have been linked with making a move for Real Madrid striker Morata for some time but have failed to finalise a deal with the Spaniard.
However Arsenal have now stepped up their interest in the 21-year-old striker as they are looking to beat off competition from Serie A giants Inter Milan.
Real Madrid are said to be willing to let Morata go out on loan in order to get some first-team football under his belt as he has struggled for game-time this season due to the form of Karim Benzema, Gareth Bale and Cristiano Ronaldo.
Brazilian starlet Casemiro - like Morata - has been afforded few opportunities to impress Real Madrid manager Carlo Ancelotti this season.
The 22-year-old midfielder has featured sporadically this season as he has an even bigger list of first-team stars he needs to bypass in order to become a Real Madrid regular.
Morata and Casemiro are said to be just two of the names on Wenger's lengthy summer shopping list as he believes his side need strengthening in all four departments.