Arsenal are ready to scrap their wage structure to help them compete for the world's best players. The Sunday Mirror says the current limit is about £100,000 a week.

But amid the fall-out from their ­disastrous 4-0 Champions League defeat at AC Milan there is an acceptance among the Gunners hierarchy that there must be a major change of direction.

The board believe there are ­extensive funds available for ­manager Arsene Wenger's transfer ­targets.

But Arsenal have found to their cost in recent times that the lure of sky-high wages offered by the likes of Manchester City can tempt ­talented young players to leave. Last summer, they lost France ­midfielder Samir Nasri to City where he is earning a ­reported £200,000 a week.