How Arsenal Should Use Their Measly £40m Transfer Budget This Summer

​A new signing can give a club such a remarkable lift, whether it be through their on-field performances or the optimism that comes with landing a top transfer target.

Arsenal are no strangers to that kind of boost. Pierre-Emerick Aubameyang has enjoyed a marvellous first full season at the Emirates Stadium, finishing as the Premier League's joint top scorer and firing the Gunners into the Europa League final.

The Gabon international is likely to partner Alexandre Lacazette in Baku, the pair possessing the talent to sink ​Chelsea in the showpiece event and secure ​Arsenal's return to the ​Champions League. The success they have had in red and white is hardly surprising given they joined the north Londoners for a combined fee of over £100m. 

Those kind of eye-watering figures won't be seen in the upcoming window, though. Sorry, Arsenal fans. It has been widely reported that Unai Emery will have a budget of £40m this summer, if the Gunners fail to win the Europa League, a far cry from the mammoth sums of yesteryear.

Nevertheless, it's not an insignificant amount and shrewd business can be done. 

Here's how the Spaniard should use that £40m, plus a little extra from the sales of some dead wood in the squad.

Eric Bailly - £25m

Admittedly, Bailly has not exactly done much for ​Manchester United in the last two campaigns, both of which were curtailed by long-term injury. As a result, he has made the same number of ​Premier League appearances in 2017/18 and 2018/19 combined as he did during his debut season at Old Trafford.

However, he is a solid defender when fit and the Gunners are in dire need of just that. Shkodran Mustafi is substandard and needs replacing, Stephan Lichtsteiner's contract is expiring in June and Laurent Koscielny isn't getting any younger. 

Bailly is also one of the quickest centre-backs in the country, a quality that could come in handy given the dearth of pace at the back for Emery. Sokratis Papastathopoulos isn't exactly fleet of foot and many of those around him are comfortably into their 30s, making pace a rare commodity at the Emirates.

Ryan Fraser - £15m

With just a year left to run on his current deal with ​Bournemouth, the mercurial Fraser could be available for a bargain price. Still just 25 years-of-age, he has combined blistering speed with intelligence and drive to become one of the breakthrough stars of this campaign.

Eight goals and 15 assists in all competitions proves the threat the Scotsman poses, his delivery from out wide terrorising hapless defenders. Imagine the carnage that would ensue if he had Aubameyang and Lacazette on the end of his crosses.

Daniel Sturridge - Free 

Danny Welbeck is on his way out and a new understudy to the Aubameyang-Lacazette double act is required. Where can Arsenal find another proven Premier League striker who isn't massively in decline and wouldn't cost a fortune? Well, Daniel Sturridge is available.

The marksman is set to become a free agent after six years at ​Liverpool and you would be a fool to underestimate his prodigious skillset. With unerring finishing ability and deft ball control, Sturridge is lethal when fit and firing. Unfortunately, his career at Anfield has been hampered by injury problems.

Of course, he would be playing second fiddle under Emery and therefore, wouldn't be pushing his clearly-fragile body to breaking point. There would be time to recuperate as the games would come less frequently. Once he is called upon, the hitman would fill in rather nicely for those ahead of him in the pecking order.

Vincent Kompany - Free

This would be a seismic transfer, enough to shake both Manchester and London to their core. ​Manchester City's heroic captain almost appeared to be saying goodbye to the Sky Blues' supporters during their title celebrations at ​Brighton on Sunday, with his Etihad Stadium future perhaps having already been decided.

If he is to depart the club, where he is undoubtedly a legend, he will need a new home that suits his playing ability, but doesn't directly threaten his beloved City. That rules out Liverpool and eternal foes United, but a switch to Arsenal isn't as ludicrous as it may initially seem.

Emery's side aren't going to be challenging the Citizens. Realistically, that's just not going to happen anytime soon. However, they are most certainly a global brand now, easily prestigious enough to have a player with such a distinguished career in their ranks. 

Remember the defensive issues we discussed earlier? This is the kind of leader who can single-handedly solve such conundrums.