Arsenal want to find a solution to the futures of Ainsley Maitland-Niles and Hector Bellerin this month.
The Gunners do not want either player with the first-team squad beyond the end of August.
According to the Evening Standard, Bellerin is most likely to go to Real Betis, but Arsenal may have to mutually terminate his contract to make that happen.
There is minimal interest in Maitland-Niles, as he has struggled during loan spells in recent years.
There is a possibility he may move to Nottingham Forest, but they appear to have moved on after signing Neco Williams from Liverpool.
Arsenal have managed to move on goalkeeper Alex Runarsson to Alanyaspor in Turkey on loan.