Arsenal boss Arsene Wenger has made Bolton Wanderers defender Gary Cahill a priority summer target.
The Telegraph says Wenger will have a player budget of around £40 million this summer and will be allowed to spend it how he chooses.
Cahill, the Bolton centre-back, will feature prominently among the transfer targets, although Arsenal can anticipate competing interest from Manchester United, Liverpool and Tottenham Hotspur.
They are also likely to make a bid for Southampton teenager Alex Oxlade-Chamberlain.
