Arsenal boss Arsene Wenger accepts his squad needs a massive overhaul to bridge the gap from the elite of Europe. The Daily Mail says Wenger, under pressure after eight years without a trophy, is preparing to make sweeping changes to the squad in the summer.

He was shocked by the gulf in class between his side and Bayern Munich on Tuesday, but will be told there is significant money to spend this summer. Failure to finish in the top four could affect his plans and there is a back-up plan if they miss out for the first time since Wenger joined in 1996.

Arsenal have £150million in hand at the bank and that will be swelled when the £150m, five-year deal with kit sponsor Emirates begins this summer.

The Arsenal boss has targeted Fiorentina striker Stevan Jovetic, Liverpool goalkeeper Pepe Reina, Borussia Dortmund attacker Mario Gotze and midfielders Victor Wanyama of Celtic and Toulouse's Etienne Capoue.