Arsenal face the prospect of a ruthless summer if their 2025-26 campaign finishes as historic as it has looked. While Mikel Arteta retains a clear group of untouchables — Bukayo Saka, William Saliba, Gabriel and Declan Rice are regarded as cornerstones — the club also holds high-value assets that could be monetised to ease financial pressure and prepare for the season ahead.

The most prominent example is Kai Havertz. Arsenal paid large fees for Havertz in 2023 and, according to Capology, he remains the club’s highest-paid player. Initially signed to replace Granit Xhaka in midfield, Havertz has evolved into Arsenal’s leading option up front. Arteta values his physicality, unrelenting energy out of possession and duel-winning abilities, and Havertz has a habit of popping up with a big goal or two. The arrival of Viktor Gyökeres last summer sits alongside Havertz in the attacking department, but Havertz is widely viewed as better suited to the centre forward role in Arteta’s setup. His 2025-26 campaign has been interrupted by injury. He missed several months earlier this season because of a knee injury and was recently set back by a muscular problem, which he has since returned from. Those fitness issues could influence the club’s thinking and the role he plays during the run-in could help shape his future, with the club unlikely to give up on Gyökeres after just a single season.

Arsenal have also used academy sales before to generate “pure profit.” Emile Smith Rowe, Eddie Nketiah and Folarin Balogun departed previously for a combined $129 million. Two young players who attracted attention after their breakout 2024-25 campaigns are Ethan Nwaneri and Myles Lewis-Skelly. Neither has been heavily involved this season: Nwaneri is currently on loan at Marseille and Lewis-Skelly has struggled for starts outside domestic cup competitions. With two senior left backs competing for minutes and Arteta seemingly reluctant to deploy Lewis-Skelly in his natural midfield role, selling Lewis-Skelly could be a sensible option if the club decide to raise funds.

Two developments have emerged that demand attention. Odegaard has been offered an exit from Arsenal. At the same time, Real Madrid have identified a new top target.

The first fact is clear and unambiguous: Odegaard has been offered an exit from Arsenal. That single development invites a range of immediate strategic questions for the club and for the player. An offer of departure can change dressing-room dynamics, influence selection decisions and force a reassessment of long-term plans. For the player, the prospect of a move raises questions about next steps and priorities.

Running alongside that story is the separate, but related, development at Real Madrid. The club have a new top target. The identification of a leading target by a club of Real Madrid’s stature reshapes attention across the market and can accelerate movement elsewhere. Interest from a club with that profile tends to concentrate resources and focus on a particular prospect.

Viewed together, the two items create a transfer narrative with multiple strands. An exit offer for Odegaard could feed into wider market activity, while Real Madrid naming a new primary target will alter how clubs position themselves. Both facts, stated without embellishment, point to a period of recalibration.

There is a clear overlap between the stories: the movement of high-profile players and the reordering of club priorities. Each fact stands on its own but also contributes to a broader picture of change. Observers and decision makers will watch how Arsenal responds to the exit offer and how Real Madrid proceed with their preferred target. Both developments merit close attention as they unfold.

Arsenal face the prospect of selling at least one first-team player at the end of the season as the club’s heavy spending last summer begins to bite. The $359 million outlay that underpinned a remarkable campaign has left the club needing to raise funds, a report says, to comply with Premier League and UEFA financial regulations.

The Gunners sit top of the Premier League and remain on course to challenge for an unprecedented quadruple of trophies, but internal discussions are already under way about which first-team figures could deliver the greatest transfer fee and profit. A string of names has been identified as potential departures, while certain individuals are expected to be protected from any sale — Bukayo Saka, Declan Rice and William Saliba are cited as off limits.

Even the captain is not automatically excluded. Martin Ødegaard is described as “not immune” to being considered because his low value on the club’s balance sheet could produce a substantial profit, though he is still regarded as hugely important to the team.

Gabriel Martinelli is named among those under consideration given his high market value. Other possible candidates include Gabriel Jesus, Leandro Trossard, Kai Havertz and Ben White, with contract situations influencing thinking as deals tick down.

Arsenal are reportedly weighing the option of selling from their academy ranks. Ethan Nwaneri and Myles Lewis-Skelly are thought to be the likely targets: neither wants to leave but their departures would represent pure profit because they are homegrown. Past sales such as Emile Smith Rowe and Eddie Nketiah are cited as precedents.

The arrival of Piero Hincapié on a permanent deal worth $60 million is another factor increasing incentive to cash in on certain players.

Contract detail is central to the decision-making. Four players — Martinelli, Trossard, Jesus and Christian Nørgaard — have deals that expire in the summer of 2027. Martinelli and Nørgaard have one-year extension clauses; Nørgaard carries little transfer value while Martinelli would command a hefty fee. Martinelli is 24 and has yet to make the full step to superstar. Trossard and Jesus will be 32 and 30 respectively when their contracts end, making extensions unlikely and summer sales a practical option, albeit not necessarily blockbuster moves.