Arsenal will need to recoup funds from the sales of Alexandre Lacazette and Eddie Nketiah before attempting to sign Chelsea striker Tammy Abraham.
Lacazette and Nketiah have entered the final year of their contracts, and the club are open to selling them in the coming weeks.
According to The Athletic, the Gunners have a genuine interest in Abraham, and the striker would be open to joining them.
However, they are unlikely to afford the £40m valuation unless they can recoup funds by offloading Lacazette and Nketiah.
Lacazette was linked with Roma, Sevilla and Atletico earlier this summer, but the Gunners have yet to receive a concrete offer.
The Gunners are hopeful of offloading the duo in the coming weeks such that they can secure a transfer agreement for Abraham.
Meanwhile, reports elsewhere claim that the Gunners could land the marksman on loan with an obligation to buy next summer.