Arsenal fans might have been deflated to read reports that Unai Emery would have only £45 million at his disposal in the summer transfer market.

That kind of money would buy a decent left-back these days and not much else. And that is merely one position that the Gunners might need to reinforce come next season.

A number of high-profile and expensive players are coming to the end of their contracts, including Aaron Ramsey, Danny Welbeck and Petr Cech, but the flip side of a saving on the wage bill is a lack of fees coming in to bolster transfer funds.

If Arsenal are going to complete a permanent deal for on-loan Denis Suarez for example, that signing would take them very close to their expected spending limits.

It could mean a summer of very little, or at least very shrewd business for Emery – who will be working for the remainder of the season without departed head of recruitment Sven Mislintat – unless significant fees can be raised through the sales of fringe players.

Arsenal’s insistence on keeping flagship players like Mesut Ozil and Pierre-Emerick Aubameyang under contract sends a strong message to rivals that this club won’t be bullied in the transfer market, as happened when losing key players under Arsene Wenger.

However, it means an enormous proportion of the money available at the club is going towards maintaining relatively few contracts.

Emery is going to have to work within those restrictions with little sign that owner Stan Kroenke has any inclination to inject more funds. Arsenal, therefore, are likely to face another frustrating season of transition as Emery attempts to juggle the budget.

On the bright side, there are some signs of promise, with young players returning from loan and providing an extra boost in numerical terms. The likes of Calum Chambers, Emile Smith-Rowe and Reiss Nelson should see some first-team football next season.

There is optimism around Arsenal’s youth sectors currently, where the coaches are bringing through some fantastic talent, and there is the sense that unlike at clubs like Manchester City or Chelsea young players will get their chance to break into the first team whenever they look to be ready.