A new era is on the horizon at Arsenal as Arsene Wenger prepares to say goodbye at the end of the season.

But who will replace the Frenchman is anyone's guess at the moment, with former Barcelona manager Luis Enrique currently favourite for the Emirates hot seat.

Carlo Ancelotti, Mikel Arteta and Brendan Rodgers are also in the running, as are Patrick Vieira, Thomas Tuchel and Diego Simeone.

It's a bizarre move from Arsenal to not have an immediate replacement lined up, like how Manchester United had David Moyes prepared for when Sir Alex Ferguson retired.

Thierry Henry certainly finds it strange as he explained on Sunday: "When I saw the news, obviously my thing was like, 'Who is next?'.

"Normally when you do an announcement of someone leaving, it's because you are going to soon announce who is coming.

"But I'm waiting to see who it's going to be and I would like to think and hope they have someone in line. I don't know exactly what happened.

WENGER'S REPLACEMENT A MYSTERY

"The people who should be coming out and explaining actually what is happening, but Arsenal Football Club are not coming out and talking."

Regardless of who succeeds Wenger, the next manager will be given the unenviable task of returning Arsenal to the peak of English and European football.

Money must be spent in order to do that. The Gunners have a number of below-par players that desperately need replacing in the summer.

However, according to the Telegraph, Wenger's replacement is going to be given a pretty pathetic transfer budget to improve the squad.

In stark contrast to how United operated with Moyes and Jose Mourinho, Arsenal chiefs are currently only prepared to invest £50 million in new players - before sales.

Not what Gooners wanted to hear. Based on this season's performances, they need a new goalkeeper, centre-back, right-back, central midfielder and winger.

But £50 million is only enough to fill one of those positions, so whoever takes over in north London will need to have a major clear-out in order to bring in new players.

Arsenal chiefs clearly want a disciplinarian to come in and take charge, which is fair enough, but in the current market they're going to need a LOT more than £50 million to spend.