Arsenal are looking to sign a striker and a centre back this summer and the likes of Lacazette and Mustafi have been mentioned as priority targets.
The Gunners submitted a 29 million pounds bid for the Lyon striker Alexandre Lacazette last week, but the Ligue 1 giants rejected it. It is understood that they are holding out for a fee of around 40 million pounds for their star player.
Meanwhile, the Londoners are eyeing up a move for the La Liga defender Shkodran Mustafi as well.
The Spanish outfit are ready to sell the player but will demand a fee in the region of 35 million pounds.
Times are reporting that the Arsenal board have promised to supply Arsene Wenger with whatever funds needed to sign these two players before the window shuts.
Arsenal have been lacking a top class striker for a while now and if they can manage to agree a deal for Lacazette, it could be an addition which turn them from a top four side to title contenders.
Furthermore, Mustafi will also be an upgrade on the injured Mertesacker. The German international has been in fine form for club and country over the last 12 months and could form a solid spine alongside Koscielny, Monreal and Bellerin.
Mustafi has been linked with a move to Chelsea as well. The Blues are looking to sign a defender this summer and Mustafi remains a target.