The defending Premier League champions are keen to retain their main stars with England international Declan Rice on course to be the first player to put pen to paper.
The 27-year-old has become a key figure for Arsenal since completing a £105 million transfer move from West Ham United back in July 2023, before going on to rack up over 160 appearances for the Gunners.
Rice's current deal expires in June 2028, and a rumoured two-year extension to that agreement would also include a significant increase on his £240,000-a-week salary, potentially putting him alongside Bukayo Saka, who earns around £350,000 per week.
Rice commitment is set to trigger two more deals, as negotiations continue with club captain Martin Odegaard and defender Jurrien Timber.
The pair are also out of contract in 28, but Odegaard's sparkling form at the start of this season - alongside Timber's enduring value a right-back - means both players will be offered new deals in North London.