The Sunday Mirror says there are four major signings on manager Arsene Wengerâ€™s shopping list â€“ Ajax defender Jan Vertongen, Germany internationals Podolski and Mario Goetze, of Borussia Dortmund , and Athletic Bilbaoâ€™s powerful midfielder Javier Martinez.
Arsenal are close to sealing a Â£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 Â£20m, while a similar fee will land 23-year-old Martinez from Bilbao.
Martinez is a 6ft 3in Âdefensive midfielder, who also plays centre-back. He was outstanding in ÂBilbaoâ€™s 3-2 ÂEuropa League win over Manchester ÂUnited last week.