Arsenal was desperate to dip into the transfer market right before the winter window closed earlier this year. With Mikel Merino sidelined until this upcoming May due to a foot injury requiring surgery, the Premier League leaders needed a quick fix in the midfield. Rumors started swirling in January that Sandro Tonali’s representatives had actually reached out to Arsenal about a potential move to north London. Nothing materialized, though. The deadline came and went with the Italian international staying put on Tyneside. Tonali, who arrived at St. James’ Park from AC Milan for a then-record £52 million back in 2023, has logged 92 appearances, chipping in seven goals and eight assists. He has already played 35 games across all competitions so far in the 2025/2026 campaign.
Newcastle Stands Firm Newcastle executives were quick to shut down the noise surrounding their star midfielder. Speaking on talkSPORT with Jim White and Alex Crook, Magpies CEO David Hopkinson addressed whether Tonali’s agent had shopped him to Arsenal. “I have no idea. That’s our answer,” Hopkinson stated flatly. “Eddie got it right, he doesn’t know, I don’t know. Here’s what I do know: he’s a superstar player, he’s under contract here.” Manager Eddie Howe backed that up ahead of Newcastle’s recent Carabao Cup clash with Manchester City. While admitting he wasn’t shocked by the outside interest, Howe made it clear the front office never intended to let Tonali walk. He called him an integral piece of the puzzle and insisted the player is perfectly happy representing the city. Lots of things happen without his knowledge, Howe noted, acknowledging that top talent always draws attention. He stressed, however, that Tonali has a great relationship with the squad and staff, emphasizing the club’s desire to keep their core group intact for the rest of this season.
Looming Roster Overhaul Missing out on Tonali might just be a symptom of a much larger financial reality for Arsenal as we look ahead to the summer of 2026. Even if they manage to secure the league title this May, the club is reportedly bracing for a massive roster shakeup. A recent Daily Telegraph report revealed a growing list of high-profile players who could be on the trading block. The Gunners spent roughly €268 million on new talent last financial year to build a championship-contending squad. Despite pulling in record revenues of around €691 million thanks to massive TV deals, sponsorships, and merchandise sales, that aggressive spending has caught up with them. Essentially, they need to sell before they can buy again.
Big Names on the Block This financial crunch means some fan favorites might be heading for the exit in a few months. Kai Havertz is a prime candidate. The 26-year-old German has battled injuries throughout this current season, missing significant time on the pitch. Because he’s locked into a contract until 2028, Arsenal could still command a hefty transfer fee for him. Surprisingly, club captain Martin Odegaard is also in the conversation. The 27-year-old Norwegian hasn’t quite matched his usual stellar form this year. Other established stars struggling for consistent minutes, including 24-year-old Gabriel Martinelli, 28-year-old Ben White, 28-year-old Gabriel Jesus, and 31-year-old Leandro Trossard, are heavily rumored to be available as well once the summer window opens.
The FFP Factor The potential fire sale isn’t just limited to the veterans. Arsenal’s academy products are firmly in the crosshairs, mainly because selling homegrown players is incredibly lucrative under current Financial Fair Play rules. Every dollar made from transferring players like 19-year-old Myles Lewis-Skelly or 18-year-old Ethan Nwaneri registers as pure profit on the books. It’s a tough reality for the fanbase to accept, but it perfectly illustrates the financial tightrope the club is walking right now. The upcoming 2026 transfer window is gearing up to be a turbulent one in north London, forcing the front office into some incredibly difficult decisions.