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How can Arteta strengthen this summer? Get all your latest Gunners news

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Having finished eighth in the Premier League this past season, it is no surprise that manager Mikel Arteta is looking to rebuild at the Emirates.

The Gunners will not compete in European competition for the first time in 26 years next term, a damning sign of their post-Arsene Wenger demise.

Arteta has evidently been backed to return Arsenal to their former glories by the club's hierarchy, though, having seemingly given plenty of pennies to spend this summer.

Now the Gunners are scouring the market in search of snapping up their targets – something easier said than done.

Here, Mirror Football rounds-up the latest transfer news from the Emirates.

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Perez gives Gunners Odegaard hope

Real Madrid president Florentino Perez has given Arsenal hope of Martin Odegaard returning to the Emirates.

The Norweigan playmaker featured on loan for the Gunners in the second half of last season, making 20 appearances and becoming a key part of Arteta's attack.

Having spent much of his time in Madrid out on loan, new Los Blancos boss Carlo Ancelotti will be assessing the 22-year-old as he begins his second stint at the Santiago Bernabeu.

Odegaard's only goal in an Arsenal shirt came in March's north London derby against Tottenham Hotspur
(Image: POOL/AFP via Getty Images)

But Odegaard and a number of others, including two-year Arsenal loanee Dani Ceballos, could see themselves out of Real's squad for the upcoming campaign and be forced to look for pastures new.

"We have 35 players and can only register 25… Ceballos, Kubo, Odegaard, we can't fit them all," revealed Perez via Le10 Sport.

"We're talking with players and their agents. We have a lot of young players, if they can't develop here they can go on loan and come back."

Perez and co reportedly set a £51.1million price tag on the creator earlier this summer, despite a transfermarkt valuation of £36m and the much-believed notion that the Spanish club are cash-strapped as they expand the Bernabeu.

Rivals eye Aouar

The Frenchman is set to be available for much less than Lyon's asking price last summer
(Image: AFP via Getty Images)

Tottenham are ready to battle Arsenal for Lyon midfielder Houssem Aouar, according to the Sunday Mirror's Tom Hopkinson.

The Gunners have a long-term interest in the France international having tried to sign him last summer.

And they are set to rekindle their hopes of landing him this time out.

However, Spurs are also looking to add creativity to their midfield and the 22-year-old features on new managing director of football Fabio Paratici’s list of targets.

Arsenal fans, who would you prefer – Aouar or Odegaard? Comment your pick below.

Aouar scored seven goals and chipped in with three assists in Ligue 1 last season to help Lyon finish fourth.

He still has two years to run on his contract, but Lyon are ready to cash in as they contend with the financial fallout of the coronavirus pandemic.

Bellerin edging closer to exit door

Long-serving right-back Hector Bellerin is attracting potential suitors from abroad as the 26-year-old seeks to resolve his future in the coming weeks, reports football.london.

The Spaniard is set to end his 10-year association with Arsenal this summer and multiple sides across the continent vying for his signature, notably Atletico Madrid and Villarreal in his homeland and Italian champions Inter Milan.

The Gunners are said to be demanding at least €20m (£17.2m) for the Barcelona-born defender as he has two years remaining on his Emirates contract.

Various reports over the past few weeks have suggested that Arteta is keen on another right-back, despite already having Cedric Soares and Calum Chambers at the club and expected signing Ben White also able to operate in Bellerin's soon-to-be-vacated position.