Arsenal are hoping to raise £40m from selling Nicolas Pepe and Lucas Torreira.
Uruguay midfielder Torreira is currently on loan at Fiorentina and would available for £15m, per FourFourTwo.
Pepe has yet to live up to his £72m price-tag, and the Gunners are willing to cut their losses by selling him for £25m.
Fiorentina are reportedly keen to activate a buy clause for Torreira.
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