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Arsene Wenger is finally preparing to spend, spend, spend until the end of the transfer market.

Wenger has got big targets in his sights, with Real Madrid pair Karim Benzema and Angel Di Maria at the top of his hit-list.

Newcastle’s Yohan Cabaye, Sevilla midfielder Geoffrey Kondogbia and Valencia keeper Vicente Guaita are there, too.

The Gunners also seem certain to re-sign Mathieu Flamini - currently back training with the club he served from 2004-08 after his AC Milan contract expired - as a utility man capable of covering both full-back positions as well as midfield.

Arsenal are set to go back to Newcastle with a £16million offer for France midfielder Cabaye, who wants Champions League football but would prefer a move to French champions Paris Saint-Germain.

Meanwhile, Arsenal could sell Lukas Podolski after Schalke became the latest club to come in for the Germany forward, following earlier enquiries from Bundesliga sides Wolfsburg, Borussia Dortmund and Turkey's Galatasaray.

Podolski has been on the bench for the Gunners’ first two games of the season and feels uncertain of his future at the club.

But the Londoners would be unwilling to sell the 28-year-old - bought from Cologne for £11m a year ago - unless they A) Got their money back and B) Also brought in a top-class replacement, as they are already short of players.

It all leaves Wenger facing another last-minute trolley dash - but this one could be of epic proportions

While, two years ago, the Frenchman was shopping in Primark, he is now going wild in the aisles of Harrods as the club has pledged to back him to the tune of £70million-plus.

(Image: Paul Gilham)

Arsenal's top brass are acutely aware that the fans are screaming out for a big-name striker, and France international Benzema is now their prime target, having seen efforts for Luis Suarez, Wayne Rooney and Gonzalo Higuain all fall away.

But they face a major fight to win the 25-year-old over, as Real are currently trying to tie him down to a new contract. His current deal only has two years left.

However, the transfer merry-go-round could yet throw up Liverpool's Suarez and Tottenham star Gareth Bale both moving to the Bernabeu - and Real boss Carlo Ancelotti then becoming willing to part with Benzema.

One thing is for sure, Arsenal cannot afford to miss out on another big name, and there is a hope that Benzema is a real possibility despite him being reluctant to move unless he gets told by the Spanish giants that they want him to go.

Real are willing to sell Argentina winger Di Maria, although it is still uncertain whether he wants to leave, but that would be a move to please the fans.

Arsenal are also determined to sign a new keeper.

They have been scouting Stoke’s Asmir Begovic and other targets in Spain, but Guaita now seems in pole position.

Arsenal have had a £6m bid turned down, with Valencia saying they want £12m, but it is believed a slightly improved bid may see them sell.

Wenger is certain to go back for Cabaye after having a £10m offer refused. Newcastle are demanding £20m.

France international Kondogbia, 20, is another possibility, although he is in demand, with Chelsea and Monaco interested.

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Sevilla appear to be bracing themselves to sell as they are set to sign QPR’s out of favour Stephane M’bia as a replacement, allowing them to bank around £20m for Kondogbia.

Clearly, Arsenal are not going to buy ALL of these players, but Wenger is under pressure from the board and elsewhere within the club to spend big and build a strong, competitive team.

They have the resources to do so after striking major sponsorship deals with sportswear firm Puma and airline Emirates to give them an “escalation of financial firepower”, as chief executive Ivan Gazidis put it.

Wenger’s conscience is also now clear to spend, as they seem certain to qualify for the Champions League after their impressive 3-0 win at Fenerbahce.

One deal straight out of the Wenger textbook is the re-signing of Flamini.

His versatility may mean that defensive options such as Swansea's Ashley Williams and Micah Richards of Manchester City are put on the back-burner and the midfield and attack are made priorities.

Flamini has been hugely impressive in training and, after being released by Milan, could slot straight into the team in a variety of positions.

The fact he can play right-back would also mean Bacary Sagna could cover at centre-back.