Arsenal have experienced a resurgence in the last two seasons, finishing second in both 2022/23 and 2023/24, but the Gunners have had to splash the cash at times to become competitive again.
Until fairly recently, Arsenal were known for being one of the smallest spenders of England's elite clubs, as the club paid off the hefty loans undertaken to build the Emirates Stadium.
But with their debts paid up, and a clearer ownership situation, where Kroenke Sports Entertainment own the Gunners outright, the cash has started to flow once more.
Arsenal most expensive signings: The top 5
Declan Rice's blockbuster move for £105m is far and away Arsenal's biggest transfer of all time and it will likely be some time before the Gunners top his fee, though some of their summer transfer targets could yet sneak on lower down our list.
| Arsenal most expensive signings | Joined from | Fee | Goals (Apps) | Honours with club |
|---|---|---|---|---|
| 🏴 Declan Rice (CDM) | West Ham | £105m | 7 (38) | FA Community Shield (2023) |
| 🇨🇮 Nicolas Pepe (RW) | Lille | £72m | 16 (80) | FA Cup (2020) |
| 🇩🇪 Kai Havertz (CAM) | Chelsea | £65m | 13 (37) | FA Community Shield (2023) |
| 🇬🇦 Pierre-Emerick Aubameyang (ST) | Dortmund | £56m | 68 (128) | FA Cup, FA Community Shield (2020) |
| 🇧🇷 Gabriel Jesus (ST) | Man City | £45m | 15 (53) | None |
1) Declan Rice – £105m
The only Arsenal player in the top 15 most expensive transfers in Premier League history, Arsenal always felt that Declan Rice was a sure bet.
And that he has been. The former West Ham midfielder enjoyed a superb debut season in North London, initially at the base of midfield and later as a dominant box-to-box midfielder.
Transfers over £100m are rarely seen as good value – but Declan Rice might just be an exception to that rule.
2) Nicolas Pepe – £72m
On the other hand, very expensive transfers can also go very wrong. Nicolas Pepe was signed from Lille for £72m, after the Ivorian right-winger, after a stellar 23 goal and 12 assist season in France.
Having missed out on Champions League football in 2018/19, Arsenal hoped that Pepe would fire then-manager Unai Emery's side back to challenging for top honours. That did not happen.
Pepe had some stellar moments in an Arsenal shirt, but was not consistent enough, or good enough at the basics and was replaced by Bukayo Saka. He was released in 2023.
3) Kai Havertz – £65m
When Kai Havertz joined in 2023, after a mediocre spell at Chelsea, many eyebrows were raised, with many expecting the former wunderkind to flop at the Emirates.
But despite a rocky start, Havertz became a key figure in Arsenal's team, particularly after moving to striker. He scored 14 and assisted seven last season, contributing in big games against Spurs, Manchester City and Manchester United.
4) Pierre-Emerick Aubameyang – £56m
Just months after spending almost £45m on Alexandre Lacazette, Arsenal splashed £56m on then Dortmund striker Pierre-Emerick Aubameyang.
The Gabon international was one of Europe's most prolific marksmen when he joined, and continued that form through his first two and a half seasons.
Aubameyang carried the Gunners through some tough times, and won the 2020 FA Cup almost single-handedly.
However, Aubameyang's form dipped dramatically from 2020/21 onwards, and ultimately fell out with Mikel Arteta.
5) Gabriel Jesus – £45m
Gabriel Jesus heralded a new era when he joined in 2022. The former Manchester City forward elevated Arsenal to title challengers when he joined, such is his quality.
The first half of 2022/23 saw Jesus dazzle defences, not just with goals, but his ability to bring the best out of Saka and compatriot Gabriel Martinelli.
However, an injury sustained at the 2022 World Cup has since derailed Jesus' Arsenal career. The Brazilian struggled for fitness in 2023/24, though he did provide some magic in the Champions League.
Jesus has reportedly fully recovered over the summer break, and will hope to rejuvenate his fortunes in North London.
