Arsenal boss Arsene Wenger knows he must act fast to land his targets this summer.

The London Evening Standard says Arsenal have £70m to spend regardless of whether they qualify for the Champions League or not but they may have to lower their expectations in the market if they can offer prospective new players only Europa League football next season.

Wenger has long been an admirer of Borussia Dortmund midfielder Mario Gotze but his interest waned after the German signed a new contract in March 2012 that effectively acted as a pre-cursor to his £31.5m move to Bayern Munich this week.

It is believed that the buy-out clause Bayern met was inserted into his contract to stave off a summer move from a number of leading clubs last summer, including the Gunners, who opted instead to sign Santi Cazorla from Malaga for £12m.