Arsenal chief executive Ivan Gazidis insists the club is targeting a major trophy after seven seasons with nothing.
The Gunners managed a third-place finish in the league last season but again came up short in all competitions with silverware nowhere to be seen.
The North London club have brought in German striker Lukas Podolski from FC Cologne and will talented young midfielder Jack Wilshere fully fit next campaign, leading Gazidis to believed that Arsenal are on the verge of success.
"We added an important player in Podolski and we will have the return of Jack Wilshere this year, which will be a big boost for the team.
"We are also talking to people in this summer's transfer market, I think there will be something exciting for our fans to be happy about.
"We want to do business carefully. We don't have to add many players, but we have to be very selective. The players we add must bring something to the team.
"That's what (Arsene) Wenger is doing and he's done a good job over the year to identify special talent. I am sure he will do it again."We have to take a step further and win the Premier League or win the Champions League - that's what our goal is," Gazidis told club's official website.
