The summer transfer window shuts on August 9 this summer so Premier League clubs are looking to get their business done early.
London rivals Chelsea and Arsenal failed to qualify for next season's Champions League after finishing fifth and sixth respectively.
Antonio Conte is still in charge at Stamford Bridge while Arsene Wenger has been relieved of his duties in north London after 22 years at the helm.
Both clubs are expected to bolster their squads over the summer and Arsenal legend Ray Parlour believes new manager Unai Emery needs to spend £250m to compete at the top.
Parlour said: "If I was the new manager going into the club in the summer, the first thing I would say is: ‘How much have I got to spend?’
“I’d say they would need £200m, but a little bit more if they want to compete – £250m.
“The board have got to back him. They won’t want to spend a lot of money in the summer, but that’s what they’re going to have to do if they want to compete in the top four.”
Arsenal and Chelsea make same move
According to Spanish newspaper Sport, Arsenal and Chelsea have both made contact with Barcelona over the same player.
They're both interested in Dutch goalkeeper Jasper Cillessen, who was recently linked with a move to Liverpool.
The 29-year-old stopper - who has played two La Liga games in two years at the Camp Nou - has a €60m (£52m) release clause at Barcelona.
According to Sport, the Catalan giants will continue to refer any interest in Cillessen to his £52m release clause.
Arsenal's veteran goalkeeper Petr Cech appears to be on the decline while Thibaut Courtois has been linked with a move away from Stamford Bridge.
Barcelona paid €13m to sign Cillessen from Ajax in 2016 but he recently suggested he was unhappy with his lack of playing time.
"I love this club, but I am a professional and I want to play more than ten games in a season," Cillessen admitted in a recent interview with Ziggo Sport.
"The management already knows that I want to play more, but I also read that they do not want me to leave and that they are happy with my work.
"I am not the type of player who goes to war with the clubs, I have been here for two years, and, for the moment, I will continue."
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