Arsenal boss Arsene Wenger has been told he can carry on buying after sealing a mooted deal for FC Cologne star Lukas Podolski. The Telegraph says Wenger had been told that there is money available for further reinvestment this summer, although that will also be channelled towards existing playing contracts.

Along with skipper Robin van Persie, Theo Walcott is out of contract in 2013 and will finalise his future this summer. Tomas Rosicky, who has so excelled over the past month, will be offered a one-year extension to his current £60,000-a-week deal.

There will also be an overhaul in other areas of the squad, with Arsenal open to offers for Nicklas Bendtner, Manuel Almunia, Sebastian Squillaci, Denilson and Andrei Arshavin.

The future for strikers Marouane Chamakh and Ju-Young Park, who have made such minimal impact this season, are clearly also uncertain.