Arsenal are in such tight financial circumstances they may have to sell six players this summer.
The decision is due mostly to the money they spent on Nicholas Pepe last summer.
The Gunners signed the attacking star for £72 million from Lille to give themselves a chance of making the top four.
But Pepe has struggled for most of this campaign and the Gunners are likely to make the Europa League at best for next season.
Bleacher Report suggests that failure, coupled with the COVID-19 outbreak, means that as many as six first-teamers may have to go before they can even think about new signings.
Arsenal players have already taken a 12.5% pay cut, which they could recoup if they qualify for the Champions League for next season.
Notably, their biggest earner Mesut Ozil did not choose to have his wages cut.