The Gunners also put Mesut Ozil on a huge contract with the German believed to be earning £350,000 per week.
Aaron Ramsey is set to leave the club, either for a cut-price fee this month or on a free in the summer.
And Arsenal legend Martin Keown believes that is down to previous big spending.
“If Arsenal are admitting they are only able to sign loan players, then it is staggering that they are happy to let one of their prize assets leave for nothing,” he told the Daily Mail.
“Juventus looks the most likely destination for Aaron Ramsey when his contract runs out at the end of the season. The Italian champions must be rubbing their hands together.