As reported by the Telegraph, last year's transfer spending of nearly €300m has severely limited the Gunners' financial flexibility.
Martin Ødegaard (27), Gabriel Martinelli (24), Ben White (28), and Kai Havertz (26) are considered the most prominent candidates for sale.
With Ødegaard and Havertz's contracts expiring in 2028, Arsenal must decide whether to extend them or try to command a higher transfer fee.
Martinelli and White have lost their starting positions this season and are mostly used as substitutes. However, the biggest gains in terms of Premier League financial regulations would come from selling homegrown players, which is why Myles Lewis-Skelly (19) and Ethan Nwaneri (18) are also being considered as potential departures.
The latter moved on-loan to Olympique Marseille in the winter to gain playing experience.