Arsenal are reportedly willing to hand their next manager a huge transfer budget in an attempt to bankroll a return to the Champions League.

According to the Daily Star, Arsene Wenger's successor at the Emirates Stadium will be given £200m to spend on new players.

The report goes on to say that Juventus boss Massimiliano Allegri is currently the Arsenal hierarchy's top choice to take the reins this summer.

Other candidates, including former Barcelona head coach Luis Enrique and ex-Gunners player Mikel Arteta, have also been linked with the soon-to-be-vacant post.

Wenger's 22-year reign at Arsenal will come to an end when he steps down this summer, but his final season at the helm has ended in disappointment as this week's Europa League defeat to Atletico Madrid ensured that they will miss out on silverware and a return to the Champions League.