Arsenal boss Wenger faces a massive battle to land Monaco forward Mbappe with Real Madrid leading the chase and ready to break the world transfer record.
But they are also in for Lyon striker Lacazette and Monaco midfielder Lemar is also firmly on their hit-list, as first revealed by Mirror Sport.
Wenger has publicly admitted that he likes Leicester’s Riyad Mahrez but Lemar is an exciting young talent and delivered impressive displays in the Champions League.
But it is also understood nothing is imminent on Alexis Sanchez despite strong interest from Manchester City and Bayern Munich.
Arsenal have made Sanchez an offer of a new contract in excess of £275,000-a-week and are still hoping to keep him.
But Sanchez, 28, who has one year left on his contract, wants to win trophies and City and Bayern are ready to make him their highest-paid player.
The priority in the market will also be to ship out the fringe players to free up space in the squad and also tie up Mesut Ozil who has been offered £280,000-a-week.
They could give Mathieu Debuchy a free, Kieran Gibbs is a target for West Brom, Newcastle and Brighton while Carl Jenkinson is also expected to leave. They could get further cash with Juventus one of the clubs in for Wojciech Szczesny.
Meanwhile, talks are ongoing with Arsenal’s backroom staff and not all have signed new deals yet.
Wenger fought to keep his staff when he signed his own two year contract, he is fiercely loyal to them but the Arsenal manager is expected to have more discussions over their futures.
Wenger’s backroom staff includes assistant Steve Bould and his other coaches Boro Primorac and Neil Banfield, keeper coach Gerry Peyton and fitness coach Tony Colbert.
There will be a new appointment – a head of football operations role – to help Wenger with logistics, pooling together data, overseeing scouting, contracts and so on.