The Gunners have just completed the 2023-24 campaign without winning any silverware, only missing out on the Premier League title on the final day of the season.
Mikel Arteta now wants to put plans in place to significantly add to his squad during the summer transfer window in a bid to close the gap on Manchester City.
Sales are expected to materialise in due course in order to generate extra income that can be put towards new signings.
However, the North Londoners have also moved to part ways with a wide array of players, ranging from the first team to the academy, when their contracts expire later this month.
Who are the notable names?
Long-serving Mohamed Elneny, who has been with Arsenal since 2015-16, is the highest-profile name on the list, the Egypt international having made 161 appearances in all competitions.
Cedric Soares is another who will move onto pastures new, the experienced Portuguese full-back having featured on just 64 occasions since 2020.
Tyreece John-Jules has had a succession of loans at EFL clubs, the latest being at Derby County, but the attacker has now left on a permanent basis.
Goalkeeper Arthur Okonkwo starred during Wrexham's promotion-winning League Two campaign during 2023-24, yet he, too, also moves on to a new challenge.
The other players who are leaving are Mauro Bandeira, Omari Benjamin, Luis Brown, Noah Cooper, Henry Davies, Ovie Ejeheri, Taylor Foran, Hubert Graczy, James Hillson, Henry Jeffcott, Alex Kirk, James Lannin-Sweet, Kaylan Marckese, Kamarni Ryan and Kido Taylor-Hart.
Which players could still stay at Arsenal?
Arsenal have also revealed that they remain in discussions with Amario Cozier-Duberry, Karl Hein and Reuell Walters
Nineteen-year-old Cozier-Duberry has long been tipped to eventually make the senior squad on a regular basis, but the England Under-19 international is yet to make his debut in the first team.
Defender Walters finds himself in an identical situation and is also seemingly biding his time before making a decision over his next move.
Estonia international Hein has made just one outing for Arsenal - a 3-1 defeat to Brighton & Hove Albion in last season's EFL Cup - and the 22-year-old may look to earn football elsewhere.