The Gunners had made signing a new forward one of their top priorities this summer after coming up agonisingly short of Manchester City in the race for the Premier League title last season.
Mikel Arteta currently has Gabriel Jesus and Nketiah at his disposal but both players had underwhelming seasons in 2023-24, scoring just nine goals between them.
In their opening match of the new league season on Saturday, Arteta opted for Kai Havertz in the number-nine role with both Jesus and Nketiah left on the bench from the off.
With Nketiah believed to be close to securing a move away from the Emirates Stadium, and the days counting down until the end of the transfer window, it seems that the Gunners have now identified three players they will look to bring to North London before the deadline.
Arsenal eyeing up three new strikers this month
According to TEAMtalk, Viktor Gyokeres, Evan Ferguson and Santiago Gimenez are now the three names that feature at the top of Arsenal's striker wishlist.
The report adds that Sporting Lisbon had originally set an asking price of £80m for Gyokeres, but are now willing to consider offers in the region of £50m to £60m.
Arsenal are believed to have added Gimenez to their shortlist after Tottenham Hotspur abandoned their pursuit of the Feyenoord attacker by signing Dominic Solanke from Bournemouth.
It is understood that the Eredivisie giants have set a £42.5m price tag for the 23-year-old Mexican international.
Ferguson, who is still only 19 years old, is said to be a potential long-term option, but Brighton & Hove Albion are reportedly asking for over £100m to consider parting ways with him.
The teenager is one of the brightest striker prospects in the league and has been linked with several Premier League clubs during the transfer window, including Manchester United and Chelsea.
Player sales required before new signings can be made
With the Gunners seemingly on the verge of signing Mikel Merino from Real Sociedad, it is understood that bringing in a new striker would require the club to sell one or more of their existing players.
Nketiah is rumoured to be the most likely to be moved on before the transfer deadline, with Nottingham Forest, Bournemouth and Everton all credited with interest in his services.
Another player that could depart this summer is Reiss Nelson, who is on the radar of Leicester City and West Ham United.
The Standard reported earlier this month that Hammers are the frontrunners to sign Nelson and are readying an offer in the region of £20m to secure his signature before the transfer window closes.
Arsenal have made two confirmed signings so far this summer, including making David Raya's move to the Emirates permanent and bringing in Riccardo Calafiori from Bologna.