The Gunners finished in sixth place in the Premier League table last term to miss out on a Champions League spot for the second successive season.
Arsenal lost 3-0 to Premier League champions Manchester City in the League Cup final at Wembley to end the season without silverware.
Arsene Wenger stood down after 22 seasons in charge of the north London side after the Gunners regressed over the past few campaigns.
Arsenal appointed Spanish head coach Unai Emery as their new manager following his successful spells in charge of Paris Saint-Germain and Sevila.
The Gunners board were reported to have handed the ex-Valencia manager a transfer budget in the region of £50m.
Sky Sports News reporter Solhekol revealed that Arsenal’s transfer budget could increase if Emery can offload some players.
“The budget is 50m but add in any money from player sales,” Solhekol told the Transfer Talk podcast.
“There is money for Unai to spend. Yes, £50m is the ball park figure. But they could spend more if Unai wants a player.”
Arsenal have won the FA Cup three times in the past five seasons under Emery’s predecessor Wenger.
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