Arsenal are heading in to an important summer of business before next season, and after finishing second last time out the Gunners will want to be real challengers for their first title in 12 years.

Arsene Wenger is currently away at the Euros working for French TV during the tournament, but once he is back in North London he will need to press on with transfer business in order to keep up with Arsenal's competitors.

Arsenal will be up against some fierce competition for the title next season with the likes of Chelsea, Liverpool and both Manchester clubs looking to spend big in order to restore past glories.

Wenger has already delved into the transfer market with the addition of Granit Xhaka, but he will want to press on and bring further players in to bolster his squad. Whilst additions are needed to compete it may well be time for certain players to move on from Arsenal as well.

Here are FFC's tips for the TEN most likely ins and outs at the Emirates this summer...

IN: ROMELU LUKAKU

The Belgian striker who is currently away in France with his national side has plenty of suitors looking to secure his signature.

However, it has been reported recently that the Everton man has expressed an interest to join Arsenal this summer and a move is looking increasingly likely.

IN: GABRIEL BARBOSA

Another striking option that could be on his way to the Emirates is Santos' sought after youngster, Gabriel Barbosa, after it was reported that an official approach had been made to bring the Brazil international to London.

The 19-year-old, who has scored twice in four appearances for his national side, is believed to have a £40m release clause in his contract, but Arsenal will be keen to get him for a lot less than that.

OUT: THEO WALCOTT

Should Perisic make the move to North London, then it is highly likely that Walcott will be on his way out of the club where he has been for over ten years now.

Walcott has never really lived up to all the hype that was created when he joined from Southampton, despite enjoying successful spells he has never cemented himself in Wenger's first team plans.

Walcott, who missed out on a place in Roy Hodgson's team for the Euros this summer, has been linked with a number of clubs and his future is still unclear, according to Talksport.

IN: YANNICK CARRASCO

The Athletico Madrid midfielder enjoyed a good campaign in Spain last season, scoring the equaliser for his side in a stand-out performance against rivals Real Madrid in the Champions League Final.

He has continued his form into France and the Euros with Belgium, scoring most recently in a 4-0 win over Hungary in the round of 16.

Wenger's interest was reportedly going to be furthered should Henrikh Mkhitaryan join Man Utd and not Arsenal, with that deal looking all but done it may not be long before Wenger lodges a bid for Carrasco.

OUT: PER MERTESACKER

The German World Cup winner has seen his stock fall at Arsenal in recent months, having to fight with Gabriel Paulista for a place in Wenger's side as the manager looks to find his best back four, and it may well be time for some fresh investment in the defence.

The 31-year-old began his career in Germany with Hannover 96 and has not ruled out a return to the club should he leave the Emirates, according to Metro.

IN: IVAN PERISIC

The Croatian international has reportedly been lined up as a replacement for Theo Walcott, who has been less than impressive in recent years for the Gunners.

Perisic, who joined Inter Milan from Wolfsburg last year, had been largely impressive at the Euros in France this summer before his country's untimely exit against Portugal in the Round of 16, and could be the edge that Arsenal need out wide to push towards the title.

OUT: ALEX OXLADE-CHAMBERLAIN

Another who joined as a youngster showing so much promise on arrival but has never really made the cut with Arsenal and is now supposedly unhappy with his current situation.

Like Walcott, Chamberlain joined from Southampton at a young age and the 22-year-old may well be heading back to his former club, with Saints reportedly being among many other suitors for the winger.

OUT: MATHIEU DEBUCHY

The Frenchman hasn't enjoyed the best of times at Arsenal recently, having lost his right back place to Hector Bellerin over the last season Debuchy forced through a January loan move to Bordeaux.

The 30-year-old looks destined to depart Arsenal on a permanent basis this summer and Valencia is reportedly the most likely destination for the former Newcastle player.

IN: ISLAM SLIMANI

Another striker that Wenger is looking to bring in after losing out on Jamie Vardy is Sporting forward, Islam Slimani.

The 28-year-old scored 31 goals in 44 appearances for his club last season and could well be the perfect addition alongside Olivier Giroud, who has been heavily criticised by Gunners' fans over the last year or so.

It is believed that the Algerian international would cost Arsenal somewhere in the same region as Vardy, whose move would have been for £20m.

OUT: DAVID OSPINA

The Colombian international has done little wrong during his time at Arsenal, despite a couple of mistakes in the Champions League which (surprise, surprise) resulted in Gunners' fans calling for his head.

Ospina though is largely regarded as being far too good to play second fiddle to Petr Cech and spend his time sat on the bench week in week out, with Besiktas being linked with making an approach for the 27-year-old.