Arsenal are close to signing both striker Lucas Perez and centre-back Shkodran Mustafi in deals that British media reported will total more than £50 million.
The Guardian and Telegraph reported on Thursday that the Gunners have finally reached an agreement with Valencia to pay £35 million for Mustafi after drawn-out talks over the Germany defender, while a source told ESPN FC that the club was in advanced talks over Perez, the Deportivo La Coruna forward, in a £17 million deal.
Arsenal club secretary David Miles said it was "nice to avoid" Barcelona and Bayern Munich during the Champions League group-stage draw on Thursday.
Although the Gunners weren't paired with the most fearsome of opponents, they will be tested by Paris Saint-Germain, Basel and Bulgarian side Ludogorets in Group A.
And Miles backed the club's "pedigree" to help see them through the knockout stage.
"This is our 19th consecutive season in the Champions League and of those 19 years we have qualified...
Arsenal have been drawn against Paris Saint-Germain, FC Basel and Ludogorets Razgrad in the Champions League. Here's a look at their European campaign.
Arsenal should be fairly pleased with this draw after avoiding the big European giants, which gives them a real chance of winning the group. Sure, Paris Saint-Germain are a top team, but they will be less of a threat after losing Zlatan Ibrahimovic and Arsenal should not enter those games feeling like big underdogs.
The Gunners have...
Now that the Champions League draw has been completed, here's a preview for Group A. Who do you think will go through?
1. Paris Saint-Germain
3. FC Basel
4. Ludogorets Razgrad
Who will win Group A?
Laurent Blanc was unseated as PSG manager last season despite winning Ligue 1 by 31 points. It all came down to losing 3-2 on aggregate to Manchester City in the Champions League quarterfinals, and now the pressure will be on new manager Unai Emery to go...