Arsenal chief Ivan Gazidis isn't surprised by the slow start to the summer transfer market.

Although Arsene Wenger is yet to put pen to paper, the situation is relatively calm compared to managerial changes at Manchester United, Manchester City and Chelsea which Gazidis believe are responsible for a quiet opening in the transfer window.

"I don't want to get into the whole speculation around the transfer market but generally, what I'll say is that it has been quite a slow start and I think that's because there was such a managerial musical chairs going on that everybody is waiting for that to settle down," he said.

"I think clubs, agents and players are, which means it has been quite an unusual beginning to the transfer window. I imagine once most of the managerial appointments settle in a little bit, we will see that starting to pick up."