Report: Arsenal have £70m transfer budget

Arsenal are willing to back manager Arsene Wenger in the transfer market this summer by supplying the Frenchman with a £70m kitty to bring in new players.

Chief executive Ivan Gazidis wants to reform the Gunners into genuine title challengers next season and will use the money generated by lucrative sponsorship deals with Puma and Emirates to help fund squad improvements, according to The Mirror.

Top of Wenger's intended targets is a first-choice goalkeeper, with neither Wojciech Szczesny nor Lukas Fabianski impressing sufficiently to nail down the number one jersey at the North London outfit.

Queens Park Rangers' Brazilian goalkeeper Julio Cesar, Stoke City Player of the Season Asmir Begovic and Hamburger SV custodian Rene Adler are all on the Arsenal manager's radar.

Wenger is also looking to recruit extra goal power and is pursuing both Real Madrid frontman Gonzalo Higuain and Fiorentina striker Stevan Jovetic.