Arsenal are rebuilding the squad this summer, with the likes of Xhaka, Bellerin, Willian and Nketiah expected to leave the club.
And new transfers are already lined up, with Ben White, Albert Lokonga and Nuno Tavares reportedly on the verge of joining the Gunners.
However, the squad still needs strengthening: Arsenal need a right-back to replace Bellerin and a creative player to aid Smith Rowe (whose contract needs to be extended).
So how the Gunners squad would look like if Arsenal manage to pull off an extremely good transfer window? Only realistic targets are considered, i.e. those that have been linked and could joining Arsenal, i.e. we're not talking about snapping up Mbappe and Grealish.
New signings: Maty Ryan, Ben White, Tyler Adams, Nuno Tavares, Albert Lokonga, James Maddison.
Sales / loans: Granit Xhaka, Hector Bellerin, Cedric Soares, Willian, Sead Kolasinac, Alex Runarsson, Eddie Nketiah, Matteo Guendouzi, Reiss Nelson, Ainsley Maitland-Niles.
William Saliba and Joe Willock stay and fight for a place in the XI; youngsters Flo Balogun, Karl Hein and Miguel Azeez get first-team chances.
