Arsenal are watching the pennies while their rivals are splashing the cash, and it could prove costly.

The Gunners have a paltry £40million to spent on new recruits according to reports this summer, with most of that already spent on the exciting St Etienne kid William Saliba.

Brazilian prospect Gabriel Martinelli is on board for £6m, who, alongside Joe Willock and Eddie Nketiah have impressed during pre-season.

But boss Unai Emery knows he needs quality additions to have any chance of making the top four.

Gunners’ transfer window a tale of green eyes and grinchery

The Spaniard must look across North London with envy as Tottenham shell out up to £63million for Lyon star Tanguy Ndombele.

And how will the Emirates bean counters cobble together any cash to land Wilfried Zaha and Celtic’s Kieran Tierney?

Crystal Palace chairman Steve Parish must have chuckled to himself when he saw Arsenal’s opening gambit of £40m for Zaha, after selling Aaron Wan-Bissaka for £50m.

Zaha wants to move to the Emirates, but the Eagles want £70m for the Ivory Coast star who is 1/2 to move to North London.

The Celtic defender looks more likely to head south to the Emirates. Tierney,22, is 1/5 to sign with Arsenal before the end of the window.

But adding the Scottish international is not the answer to the Gunners’ leaky defence.

It’ll take more than Tierney to tighten-up Arsenal’s leaky backline

They shipped in 35 goals on the road last term, only four teams including relegated pair Huddersfield and Fulham conceded more.

However, no manager can legislate for his skipper refusing to turn up for a pre-season tour.

Laurent Koscielny wants to return to France after a contract row with the club top brass – Bordeaux and Lyon are keen on the experienced stopper.

But with Saliba staying at St Etienne for another year, it leaves shaky Shkodran Mustafi, Sokratis, Calum Chambers and the unfit Rob Holding as central defensive options.

Midfield quality vacuum

With the exit of Aaron Ramsey, Arsenal are lacking star quality in midfield.

Emery doesn’t fancy Mesut Ozil, despite his fine display against Bayern Munich, but could be about to bag Real Madrid prospect Dani Ceballos on loan.

Arsenal cannot afford another Spanish loan flop after the Denis Suarez fiasco, so the pressure will be on the Spanish international to hit the ground running in England.

The Gunners faithful will demand to see progress – and that means a genuine tilt at the top four and not looking over their shoulders at the likes of Wolves or Everton.