The Gunners had a £12m bid for France midfielder Yohan Cabaye rejected by Newcastle who are bracing themselves for an improved offer.
But Starsport understands the crisis club are targeting at least three other players in deals which could end up costing a combined £65m.
They are Swansea pair Michu and Ashley Williams - as well as Manchester City's Micah Richards who wants to join the Gunners.
Arsenal have so far been foiled in their pursuit of major targets like Luis Suarez Wayne Rooney and Gonzalo Higuain.
But boss Wenger is finally ready to bow to pressure from supporters furious with his failure to spend this summer.
The Frenchman apologised to fans following the opening-day 3-1 home defeat to Aston Villa - and last night his weekly e-mail to supporters read: "We want our fans to be happy. When you don't achieve that you feel sorry and disappointed. People think we do not want to spend. We want to."
But the club's bid for Newcastle's Cabaye has already hit problems.