The Sunday Mirror says there are four major signings on manager Arsene Wenger’s shopping list – Ajax defender Jan Vertongen, Germany internationals Podolski and Mario Goetze, of Borussia Dortmund , and Athletic Bilbao’s powerful midfielder Javier Martinez.
Arsenal are close to sealing a £12m deal with Cologne for striker Podolski, who is out of contract in June 2013.
Goetze, an attacking midfielder at Borussia Dortmund, will cost around £20m, while a similar fee will land 23-year-old Martinez from Bilbao.
Martinez is a 6ft 3in defensive midfielder, who also plays centre-back. He was outstanding in Bilbao’s 3-2 Europa League win over Manchester United last week.