Arsenal has clinched their first Premier League title in over two decades and is set for the Champions League final.
This season has proven to be a remarkable success on the field. Following three consecutive second-place finishes, manager Mikel Arteta elevated the squad with strategic adjustments and an ambitious (and costly) summer transfer campaign.
Now, Mark Ogden and Gabriele Marcotti step into the shoes of sporting director to tackle some pressing questions confronting the club.
This is the third installment of this year’s Keep or Dump series, which delves into critical questions affecting the Premier League and other major European clubs as the summer transfer window approaches. You can catch Liverpool’s segment here and Manchester United’s here.
– Inside Arsenal’s five-phase strategy to secure the Premier League title
– Ian Darke’s Premier League Best XI and Most Disappointing XI
– Joy and Catharsis: Arsenal finally lifts the Premier League trophy after a 22-year wait
1. With Mikel Arteta’s contract set to expire at the end of next season, should he receive an extension now (including a pay increase), or is it better to revisit this in the fall?
Mark and Gab agree: The straightforward answer is a resounding “yes” now that the season has concluded. There’s no doubt Arteta has merited a new contract based on his team’s performance.
While securing a new contract this summer isn’t absolutely necessary, doing so could aid Arsenal during the transfer window by providing greater stability. The key will be a discussion regarding his vision for the club’s style of play next season, as this will influence Arsenal’s summer strategy. In past seasons, the Gunners showcased an attacking, free-flowing game, but adapted to a more physical and conservative approach last season, yielding positive results. What direction will they take moving forward?
Given his large salary, moving on from Gabriel Jesus could be a complex issue, and the club is unlikely to recover a significant transfer fee. However, it may be time to consider selling.
At 24, Martinelli will attract interest from other clubs, and although he garnered affection from fans, his playing time and performance dipped this season. With the presence of fellow winger Noni Madueke, these trends may persist.
We appreciate Trossard’s versatility, and while he’ll be 32 in December, if he is content to stay without a new deal or is open to negotiations later, we’d endorse keeping him.
Nørgaard had limited appearances last year but plays a vital role as defensive midfield “insurance.” At 32, he’s not likely to yield much in a transfer, and losing him would necessitate finding a replacement. It makes both financial and athletic sense to retain him.
3. After spending heavily on Viktor Gyökeres last summer, are he and Kai Havertz enough as striker options? Should the club consider moving Havertz for another forward to support and challenge Gyökeres?
Here, Mark and Gab are divided.
Mark advocates for the addition of another striker. He views Julián Álvarez as a prime target, although he concedes that acquiring him will be challenging due to interest from Barcelona and other clubs. Mark is also open to keeping both Gyökeres and Havertz.
Conversely, Gab believes that while Álvarez would be an outstanding signing who could also play on the left flank, fitting him into the squad alongside the other two could be problematic.
Given Álvarez’s price tag, if Arsenal were to secure his services, they might need to offload Havertz, whose remaining value is estimated at £24 million. The club could certainly expect a higher return than that, despite concerns regarding his salary.
Arsenal requires a third option at center forward, but Gab is content with either a promising young player or a cost-effective veteran, even on loan.
4. Both Myles Lewis-Skelly and Ethan Nwaneri played important roles at a young age in the 2024-25 season, but saw limited action last year. Nwaneri spent time on loan to Marseille, where minutes were scarce. What does the future hold for them?
Given the club’s significant investment in both players, ensuring they receive ample playing time for development makes sense, along with planning a sustainable long-term path. Lewis-Skelly participated in crucial matches late in the season, including the Champions League semifinal against Atlético Madrid, indicating a potential future in midfield.
Competition in midfield is fierce with players like Martin Ødegaard, Declan Rice, Eberechi Eze, Martín Zubimendi, and Nørgaard all vying for spots. If Arteta opts for rotations, Lewis-Skelly may find sufficient playing time.
Nwaneri’s situation is a bit more complex. Should he remain, he would have Ødegaard and Eze ahead of him in central midfield, along with Saka and Madueke on the right wing, plus Max Dowman in contention as well. His natural position may fit more centrally.
Unless the club is inclined to part ways with Ødegaard or Eze—something that neither Mark nor Gab support—they’ll likely need to seek an appropriate loan destination for him. This decision warrants careful analysis to ensure the right manager and environment are selected.
5. David Raya, Declan Rice, and Jurriën Timber all have contracts extending to 2028. However, Raya does not have an extension option like the others. He has earned a contract renewal, but how long should that extension be financially viable?
Raya has showcased exceptional performance, arguably establishing himself as the top goalkeeper in the Premier League. He merits a significant pay increase—not quite at the level of Gianluigi Donnarumma—but a meaningful raise that acknowledges his contributions, ideally securing him until 2030, at which point he’ll be 34.
For Rice and Timber, while they don’t require immediate action, the club should be cautious with their contracts. Rice is 27 and has been remarkable, but his next deal will likely cover his 30s. Timber, who performed admirably before injury, will also be eligible for a new contract at 24.
6. Martin Ødegaard has faced two challenging seasons. Does Arsenal need an alternative in the attacking midfield role, or is there one available internally, such as Eze or Nwaneri?
Ødegaard holds the captaincy, but Mark and Gab believe it’s worthwhile to entertain offers.
His recent performances have not only been below expectations (exacerbated by injuries), but he also has a contract extending to 2028. If a sale were to take place, now would maximize potential returns. This upcoming year will be crucial for Arsenal’s decision to extend his contract, which would then carry him into his 30s.
Mark suggests he has regressed; although talented, he spends too much time retrieving the ball from the defenders rather than applying his skills in the attacking areas of the field, becoming somewhat of a cautious player.
If the right opportunity arises, both Mark and Gab are open to a transfer—his remaining value stands at around £10 million, meaning a significant fee isn’t necessary. Should that transpire, the club could retain Nwaneri and explore options with Lewis-Skelly and Eze to fill Ødegaard’s role.
Conclusion
The reputable football finance outlet, Swiss Ramble, estimates Arsenal could achieve record revenue in 2025-26 yet still see losses, similar to their modest losses of £1.4 million and £17.7 million in 2023-24 and 2024-25 respectively.
Last summer, Arsenal had their highest net spend ever at £251.4 million, and they are already £52 million in the red this summer due to the pending permanent deal for Piero Hincapié.
Arsenal offloaded Jakub Kiwior to Porto for roughly £15 million (plus add-ons) and should secure around £12 million for Fabio Vieira, who excelled during his loan period at Hamburg. Ideally, they could also fetch a reasonable sum for Martinelli, although acquiring a fee for Gabriel Jesus may prove more challenging.
This could provide Arsenal with the necessary financial room to recruit a quality attacking player, ideally one who can operate on the left or potentially fill an attacking role. However, it’s unlikely they will pursue Álvarez or similar players unless another club expresses interest in either Havertz or Ødegaard.
In summary, Arsenal finds themselves in a solid position concerning their squad and financial stability. However, it’s critical the club anticipates upcoming challenges. Major decisions will need to be made over the next year.