Arsenal are struggling to put together a big enough package to convince their top managerial targets to make the move.
The Daily Mail says the Gunners are searching for a long-term successor to Unai Emery after putting Freddie Ljungberg in temporary charge last Friday, but are unable to pay a salary commensurate with those on offer at their top six rivals.
Emery was paid £4million-a-year at the Emirates Stadium, a salary Arsenal are willing to improve, but not to the level demanded by the European elite.
Mauricio Pochettino, Carlo Ancelotti and Max Allegri would all expect double that amount which is likely to be beyond Arsenal, while the combination of compensation and wages required to secure in-work managers such as Brendan Rodgers and Nuno Espirito De Santo may mean they are out of reach.
The Gunners are paying the price for missing out on Champions League qualification for three successive years, creating a revenue shortfall that even reaching the final of the Europa League last season did not offset.