Declan Rice is expected to have an Arsenal medical soon ahead of his £105m transfer from West Ham, while Jurrien Timber has been having a Gunners medical ahead of his £38m move from Ajax.
Personal terms for both players have been agreed in principle and they could be Arsenal players by the start of next week.
Rice is set to join in a £105m deal from West Ham, while Timber will join from Ajax in a £38m deal.
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It would take Arsenal's spending in this window beyond £200m - further proof of the backing manager Mikel Arteta is receiving from Edu and the board.
The double signing will mark a busy spell of incomings and outgoings for Arsenal, who secured the £65m signing of Kai Havertz last month.
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More incomings at Arsenal have not been ruled out. An attacking right-sided player remains a position they are looking at. It is likely any further additions will be contingent on sales.
Nelson in, Xhaka out at Arsenal
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On Tuesday, Granit Xhaka's £21.4m move to Bayer Leverkusen was announced. The Switzerland international brings a seven-year spell in north London to an end.
The news came as Reiss Nelson's four-year contract extension was announced. The young winger has signed a deal until 2027 with an option of a further year.
Defender William Saliba has now joined Nelson in signing a long-term deal at the Emirates Stadium.
Arsenal are still exploring viable exit options for Cedric Soares, Nuno Tavares, Albert Sambi Lokonga and Nicolas Pepe.
Meanwhile, the Gunners Arsenal will allow striker Folarin Balogun to leave this summer and value him at around £50m.
Inter Milan, AC Milan, RB Leipzig, Monaco and Marseille are all interested in Arsenal striker.
Explained: How Arsenal can afford big-money summer signings
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Football finance expert Kieran Maguire says Arsenal's seemingly enhanced willingness to spend is a 'reward' for Mikel Arteta.
"Arsenal are actually in a very strong position when it comes to spending," he told Sky Sports News. The reason for that is they have managed to get their wages under control.
"Arsenal's wages are lower than they were in 2018. They are £150m to a £170m less than Liverpool, Manchester United and Manchester City. That has given them the flexibility to go into the market and buy new players without having to worry too much.
"Plus, they have got the additional benefits of Champions League matches coming in, premium prices and the minimum I would say prize money of £50m from being participants.
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"So, you factor that all together and they've probably still got a bit of leeway in terms of what they can spend over this present window."
When asked if there's been a strategy change at Arsenal, he added: "Yes. They had a retrenchment. They went through some fallow years when they weren't qualifying for the Champions League.
"They have managed to get rid of high earners, the likes of Mesut Ozil and Pierre-Emerick Aubameyang off that payroll, and that has given them the ability to now go into the market and be very competitive and try to match other clubs.
"Arsenal used to be known as the Bank of England club. They've always been well run financially, and I think this change in terms of spending is a reward for Mikel Arteta in terms of his ability to get them into those Champions League places again, which means so much in terms of enhanced revenue."
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Who will be on the move this summer when the transfer window opens on June 14 and closes at 11pm on September 1 in England and midnight in Scotland?
Keep up to date with all the latest transfer news and rumours in our dedicated Transfer Centre blog on Sky Sports' digital platforms. You can also catch up with the ins, outs and analysis on Sky Sports News.
