The first step for the defending Premier League champions was to secure a new four-year deal for Mikel Arteta earlier this week with talks ongoing over Declan Rice's future.
The 27-year-old has become a key figure for Arsenal since completing a £105M move from West Ham United in July 2023, making more than 150 starts for the Gunners.
Rice's current contract 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.
If Arsenal can get Rice committed, the next set of negotiations will focus on club captain Martin Odegaard and defender Jurrien Timber.
The duo are also out of contract at the end of the 2027/28 campaign, but Odegaard's sparkling form at the start of the current season - alongside Timber's enduring value to Arteta's plans - means both players will be offered new deals at the Emirates Stadium.