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 Shkodran 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.
Everton were closing in on 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.
