Arsenal are champions again. But Mikel Arteta isn’t celebrating for long. The Spaniard is already plotting a squad overhaul, and two familiar names sit at the centre of it all.
Gabriel Martinelli and Ethan Nwaneri could both be heading for the exit door. If that happens, Arsenal would pocket upwards of £75m — and finally fix the one position that’s held them back.
Why Martinelli’s Time at Arsenal Looks Over
Let’s be blunt. One Premier League goal in an entire title-winning season isn’t good enough. Not for a club with Arsenal’s ambitions.
Martinelli managed 11 goals across all competitions in 2025/26, but he started fewer than half of his league games. Arteta clearly doesn’t trust him as a first-choice option anymore.
According to journalist Christian Falk, Arsenal have slapped a price tag of around €45m (£38.9m) on the Brazilian. If they get that fee, it would become the club’s record sale — surpassing the £35m Liverpool paid for Alex Oxlade-Chamberlain back in 2017.
Think about that for a second. Arsenal’s record departure would still be less than what most mid-table clubs earn from a single player sale. It says everything about how the Gunners have historically struggled in the selling market.
Bayern Munich were heavily linked early in the window. But Falk has since indicated the German giants are now pursuing lesser-known targets after their failed move for Anthony Gordon.
Former Arsenal star Emmanuel Petit didn’t hold back on talkSPORT, either. He said the club needs stronger, more technically skilled wingers — and singled out Martinelli as someone who should move on.
Arsenal signed him from Brazilian side Ituano for just £6m in 2019. A £38.9m sale would still represent a massive return on that investment. But fans can’t help feeling they’re selling a player whose peak never arrived.
Nwaneri’s Crossroads: Stay, Loan, or Cash In?
Ethan Nwaneri’s story is more complicated — and arguably more painful.
He became the youngest player in Premier League history at 15 years and 181 days when he came on against Brentford in September 2022. He broke through properly last season with nine goals in 37 appearances.
Then came the Marseille loan. It didn’t go to plan.
Under Roberto De Zerbi, Nwaneri started four straight matches before being hauled off at halftime during a 5-0 defeat to PSG. When De Zerbi left and Habib Beye took charge, things got worse. Beye publicly criticised the teenager’s work rate.
The final numbers tell the story: nine Ligue 1 appearances, two goals, one assist.
Now he’s back at Arsenal facing an uncertain future. Reports from CaughtOffside and The Athletic suggest the Gunners are willing to listen to offers in the range of £35-40m. As an academy graduate, any sale would count as pure profit on Arsenal’s books.
Chelsea, Borussia Dortmund, Juventus and AC Milan are all monitoring his situation. Dortmund reportedly view him as their next “Jude Bellingham project.” But Nwaneri himself is believed to prefer staying in England.
Making things trickier? Max Dowman has quietly overtaken Nwaneri in Arsenal’s pecking order. There simply isn’t a clear pathway anymore.
Where Does the Money Go?
This is where it gets exciting for Arsenal fans.
Morgan Rogers is Arteta’s top target to replace Martinelli on the left wing. According to Fabrizio Romano, Arsenal will sign a top winger this summer, with the Aston Villa star their priority.
Reports from CaughtOffside claim an agreement on personal terms is close — possibly already done. The catch? Villa want around £130m.
Arsenal have also looked at PSG’s Bradley Barcola as an alternative. Meanwhile, Leandro Trossard has been allowed to negotiate personal terms with Besiktas, signalling he’s also on the way out.
The combined sales of Martinelli, Nwaneri, and several other fringe players could raise well over £100m. That war chest would fund the kind of moves Arsenal haven’t been able to make before.
It’s a ruthless approach. But after winning the title and losing the Champions League final to PSG, Arteta clearly believes his squad needs another level to compete on all fronts next season.
