Mikel Arteta decides Arsenal's top two transfer targets after Champions League elimination

Arsenal manager Mikel Arteta is already thinking about next season after seeing his side crash out of the Champions League.

Arsenal were beaten 1-0 by Bayern Munich in their quarter-final second leg on Wednesday night, to lose 3-2 on aggregate.

Joshua Kimmich scored the only goal of the game as Bayern claimed victory at the Allianz Arena.

It ends Arsenal's hopes of securing their first-ever Champions League trophy and means they must now win the Premier League to finish the season with silverware.

While they could still end the campaign as English champions, Arsenal are seemingly looking ahead to the 2024/25 campaign under Arteta.

The Guardian claim the Spaniard will be given significant funds to strengthen in the summer, despite spending more than £200m ahead of the current campaign on the likes of Declan Rice, Kai Havertz and Jurrien Timber.

It is claimed that the club's owners, Kroenke Sports & Entertainment (KSE), 'recognise that Arteta's squad needs significant strengthening to help them take the next step'.

Newcastle striker Alexander Isak is one of the club's primary targets for the summer window.

It is claimed that Isak could cost around £100m, while his Sweden teammate Viktor Gyokeres - who has scored 36 goals this season for Sporting – is a slightly cheaper option, given he has an £86m buyout clause.

Crystal Palace winger Michael Olise, who signed a new four-year contract in August after turning down Chelsea, is also understood to be a key target for Arsenal.

Arsenal are targeting Newcastle striker Aleksander Isak (Image: Getty)

He is said to have impressed the north London club's scouting department despite making only nine Premier League starts this campaign due to injury.

His new contract at Palace includes a release clause that comes into effect in the summer and is believed to be in the region of £65m.

Arsenal could face competition for his signature, however, with Manchester City and Manchester United also interested in the France U21 international.