Arsenal are exploring “potential exit routes” for Nicolas Pepe, Folarin Balogun, Albert Sambi-Lokonga, Nuno Tavares and Cedric Soares, Sky Sports News understands.
Arsenal value Balogun, who scored 21 goals on loan at Stade de Reims last season, at £50m.
Arsenal are also discussing the next best step for winger Marquinhos.
Another loan move away – or even a permanent deal – has not been ruled out.
Sky Sports News has been told there are no issues with the contracts for defender William Saliba and forward Reiss Nelson.
It’s thought paperwork is being finalised after agreements in principle were struck last month.
