Arsenal have 'substantial' transfer funds says Ivan Gazidis

Wenger has appeared reluctant to splash out in the past (GETTY IMAGES)

Arsenal chief executive Ivan Gazidis has revealed the club has a "substantial amount of money" to spend during the current transfer window.

The Gunners' transfer dealings are set to be closely scrutinised this summer after manager Arsene Wenger oversaw a sixth straight season with a trophy last term.

Wenger made his first significant deal yesterday when he secured Ivory Coast striker Gervinho for a reported £11million from French champions Lille.

Gervinho's arrival does not, however, address Arsenal's perceived weakness in defence and with star midfielders Cesc Fabregas and Samir Nasri seemingly set to leave, Gazidis has admitted the north Londoners will be busy before the new season.

"We still will be active in this window," Gazidis said.

"We haven't finished our business at all. We're just not conducting it publicly. We're working hard privately. We understand where the weaknesses have been.

"We're certainly not sitting there saying, 'let's hold back on our resources'.

"We've got a substantial amount of money that we can invest."

Reports have suggested that Wenger could have a transfer kitty of up to £35million at his disposal - a figure that could be further boosted should Fabregas or Nasri depart.

While either player's departures would be met with frustration in north London, Gazidis revealed the club would be willing to replace them with high-profile names.

"If we found an established world-class player and we thought the economics made sense and he would add to what we could do on the pitch then there's no philosophical objection to that," he added.

"Arsene has no point of principle to show the world that he can build his own team of young players.

"We have to challenge for trophies in that environment and we will.

"We, as a club, have transformed ourselves in the last decade or so.

"We have no God-given right to be one of the biggest clubs in the world. It's easy to lose perspective on what Arsene is trying to do, which, I think, is an extraordinary vision."