Arsenal are already planning to splash more cash in the summer, when they will bid for Atletico Madrid goalkeeper, Jan Oblak, to replace Petr Cech.
The Gunners smashed their transfer record in January, by paying Borussia Dortmund £56million for Pierre-Emerick Aubameyang.
According to the Evening Standard, manager Arsene Wenger is eyeing two more big-money signings in the summer, with Bordeaux winger Malcom also on the club's shortlist.
The report also suggests that Arsenal will return for West Brom defender Jonny Evans, who could be available for as little as £3m if the Baggies suffer relegation.
Arsenal take on Everton on Saturday at the Emirates.