Arsenal Transfer News: Latest on Alexandre Lacazette, Shkodran Mustafi Rumours

Arsenal manager Arsene Wenger has reportedly been told he will be handed "whatever transfer funds it takes" to bring Alexandre Lacazette and Shkodran Mustafi to the Emirates Stadium this summer.

According to the Times' Matt Hughes (h/t Alex Harris of the Daily Star), the Gunners had originally planned to cap their spending in the remainder of the transfer window at £70 million but are now prepared to part with more if necessary to land the two targets.

Per Hughes, the Frenchman could cost Arsenal £40 million, while Valencia want £35 million for the German.

The Sun's Daniel Cutts also reported the Gunners are committed to recruiting Lacazette:

After another season with Olivier Giroud as their best option at centre-forward, it's clear Arsenal need a more clinical striker ahead of him in the pecking order.

Lacazette is just that, with WhoScored.com illustrating his ability to convert chances:

The 25-year-old netted 23 goals last season, and with the likes of Mesut Ozil, Alexis Sanchez and Santi Cazorla supplying him with ammunition, he'd likely rack up even more.

While Giroud is a useful player and worth keeping around, if he's the first-choice striker at the Emirates Stadium this season, it seems highly unlikely the Gunners will be lifting the Premier League trophy next May.

Arsenal's other most pressing need is for a centre-back to partner Laurent Koscielny, with Per Mertesacker set for a spell on the sidelines and struggling to convince even when fit.

Mustafi could well be the player the Gunners are looking for—the German is physically adept, technically competent and more mobile than his compatriot.

Football writer Oli Price-Bates believes Arsenal should go for the 24-year-old:

Should they prise him away from Los Che, here are some of the skills Arsenal fans can look forward to seeing:

Though Arsenal usually refuse to part with the money their rivals often throw around—and sticking to their principles could be seen as admirable—their decision to be more willing to spend is a necessary one if they're to compete for the title.

Both Lacazette and Mustafi represent fairly significant upgrades on the players currently at the club. Along with Granit Xhaka, they would make for a successful summer and give the Gunners an excellent chance of sustaining a title challenge next year.