The Gunners urgently need to strengthen after missing out on a top four place last season, and could be dealt the further blow of a number of high-profile departures.
Arsenal are already sweating over the future of Alexis Sanchez, who is being strongly linked with rivals Manchester City with just a year to go on his current contract at the Emirates Stadium.
Mesut Ozil is another who is yet to extend his deal that expires next summer, while Wenger could also face a fight to keep the likes of Olivier Giroud and Lucas Perez due to their concerns over regular first-team football.
Arsenal look like having an ambitious plan in place to replace these players, however, with Monaco pair Mbappe and Lemar joined by Lyon striker Lacazette as being top of Wenger’s list, according to the Daily Telegraph.
Mbappe has established himself as one of the most exciting young players in the world in the last twelve months, but would likely cost a world-record fee of £120million or more. Still, Arsenal are confident they can beat other top clubs to his signature due to offering the 18-year-old the playing time he craves at this early stage of his career.