Arsenal will need to bring in some new players to improve their squad depth in order to compete comfortably in these two tournaments. They require it even more today, given how their season ended with them losing the Premier League title to Manchester City.
One of the major reasons was that some of their core top 11 players were injured, and there was no better alternative to fill those spots, therefore they performed poorly and gradually lost the title fight to Manchester City. They need a more powerful and agile team now; they must be fit and compete well in both their domestic league and the European competition.
arsenal doesn't want to be left behind in the transfer market this time, they are also hunting for declan rice after west ham succeeded in winning the conference league, but the price that west ham wants for declan rice is very high, around 90 million pounds more, I doubt they will be able to buy declan rice at that price, arsenal really need a midfielder and maybe they should look for other player options.