Arsenal have agreed a deal to sign Deportivo La Coruna striker Lucas Perez and are close to reaching an agreement with Valencia for centre-back Skodran Mustafi.
Spaniard Lucas, 27, scored 17 goals in 37 games last season and Arsenal will meet a 20m euro (£17.1m) buyout clause.
Germany international Mustafi, 24, is set to join for a fee in excess of £35m.
It would take Arsenal’s spending to almost £100m since last season.
They have added midfielder Granit Xhaka, defender Rob Holding, forward Takuma Asano and midfielder Kelechi Nwakali to their squad this term.
Everton were closing in on a deal for Lucas before Arsenal declared their interest.
Arsenal boss Arsene Wenger has said he is not reluctant to spend money in the transfer market after being criticised by fans.
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