Jose Reyes, Mathieu Flamini, Manuel Almunia, Philippe Senderos, Jeremie Aliadiere, Alexandre Song, Kerrea Gilbert and on-loan Brazilian Julio Baptista could all be on their way out.
Freddie Ljungberg is also believed to leave the Gunners in the summer.
Fabrice Muamba have joined Birmingham City for £2million and Arturo Lupoli have joined Fiorentina on a free transfer.
