Arsenal’s summer transfer window is already in motion, with the club planning ambitious moves for Declan Rice and Joao Cancelo – and they’re willing to spend big.

Arsenal are preparing a £92m offer for Declan Rice (Image: CameraSport via Getty Images)

Arsenal want both Declan Rice and Joao Cancelo as they look to catapult themselves into another title challenge next season.

Their hopes of ending 19 years of hurt were all but dashed on Sunday following their 3-0 defeat to Brighton which left Manchester City just one win away from Premier League glory – but fear not, Gunners fans, excitement might be just around the corner!

According to The Telegraph, Arsenal are preparing to smash their transfer record to bring West Ham captain Declan Rice to the club, with a whopping £92m offer in the pipelines.

They’re also interesting in nabbing City outcast Joao Cancelo, who is currently on loan at Bayern Munich, though there are doubts within the club that Pep Guardiola’s side will want to do business with them considering their newfound rivalry.

Arsenal want to bring in at least two new central midfielders, particularly with Granit Xhaka’s end of season exit looming, and Rice, who looks certain to finally leave West Ham this summer, has emerged as their number one target.

Arsenal also want Joao Cancelo, but whether City decide to do business with them is anyone’s guess (Image: Getty Images)

The England man is in high demand with the likes of Chelsea, Liverpool and Manchester United all keen to land him, though Arsenal are confident they can win the race and bring him to the Emirates.

Cancelo, meanwhile, still has four years left on his contract at the Etihad, but a falling out with Guardiola in January has left his City future hanging by a thread. It’s also understand Bayern boss Thomas Tuchel has no plans to make the Portugal star’s loan move permanent, which means he’ll be on the hunt for a new club in just a couple of weeks.

Arsenal’s dreams of Premier League glory have been left in tatters (Image: Getty Images)

Mikel Arteta is desperate for reinforcements at full back, particularly with Kieran Tierney’s injury record and the fact his first-choice right back, Ben White, is actually a centre back.

Prior to his City exit, Cancelo was rated as one of the finest full backs in the world and the fact he can play on both flanks makes him an incredibly attractive prospect.