Arsenal look certain to break their current transfer record this summer, with Arsene Wenger given a £70 million transfer kitty.

Chief executive Ivan Gazidis promised 'an escalation in our financial firepower' this month and Wenger is adament he can turn Arsenal into title contenders.

Wenger's top two targets are striker Gonzalo Higuain and Borussia Dortmund's Ilkay Gundogan.

Although Olivier Giroud had a good first season in England, Arsenal want a 20 goal a season forward, something Higuain delivers.

The Argentine international has stated his desire to leave the Bernabeu this year and many of Europe's elite are after his signature.

Pursuit of a defensive midfielder

Arsenal are also desperate to bring in a defensive midfielder with Gundogan their ideal choice.

The Turkish born German international, impressed for Dortmund in their recent Champions League campaign, scoring, all be it in defeat, against Bayern Munich in the final.

Wenger is reportedly ready to spend £25million on the sought after midfielder, however Dortmund aren't prepared to sell.

The German club have already parted ways with Mario Gotze this summer and Robert Lewandoski also looks set to leave, meaning Jurgen Klopp really doesn't want to see another of his prize-assets leave.

If a deal for Gundogan can't be done, then Arsenal will step up their pursuit of Bayern Leverkusen's Lars Bender.

Any potential deal would easily surpass the £15million Arsenal paid for Andrey Arshavin in 2009.

Another position Arsenal look set to strengthen is in central defence, with club captain Thomas Vermaelen on the verge of leaving, after falling out of favour towards the end of the campaign.