Arsenal owner Stan Kroenke is prepared to smash their wage ceiling this summer. The Daily Mail says Kroenke has given the go-ahead for Arsenal to increase their wage bill to help the club become title contenders next season.

Arsenal are determined to sign at least three star players - a keeper, a holding midfielder and a striker - and manager Arsene Wenger has been given at least £70million for transfer fees by Kroenke, the club's majority shareholder.

Lukas Podolski and Theo Walcott are the top earners on around £100,000 a week but the club would be willing to offer £150,000 a week for the right player.

Chief executive Ivan Gazidis said: "Mr Kroenke has made it clear that our ultimate objective is to win major trophies. We all share that ambition. Arsene and I have been planning what we need to do."