The Gunners manager is being backed by the club after their Champions League exit.
Arsenal were beaten over two legs by Bayern Munich, losing 3-2 on aggregate and 1-0 in Germany in the second leg this week.
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Per The Mirror, Sporting Lisbon centre forward Viktor Gyokeres, RB Leipzig striker Benjamin Sesko and Newcastle United striker Alexander Isak are targets.
Brentford's Ivan Toney may yet come into the equation, but his age and price tag are an issue.
If the Gunners want to spend big, they may go for Napoli forward Victor Osimhen.