Arsenal are in "advanced talks" with Gonzalo Higuain, while Tony Adams wants a place on the board to help end the eight-year trophy drought.
Higuain is thought to be closing in on a move to Arsenal, with the Real Madrid forward thought to have already agreed on personal terms with the English Premier League club.
Arsene Wenger has been given sufficient funds this summer to bring in quality and Higuain understood to top the list.
The club's officials reportedly flew to Madrid over the weekend to agree on a fee with Real and Arsenal are thought to be on the brink of a move, despite interest from Italian side Juventus.
"Nothing has been signed yet but I can assure you there are advanced talks between the clubs." Higuain's father Jorge told the Daily Mail.
"We wouldn't arrange any personal contract before the clubs agree for the transfer. I'm aware Arsenal has made a strong offer, as well as Juventus."
Meanwhile, Adams said he believes he should have been named the new chairman, instead of 73-year-old Chips Keswick, who replaced Peter Hill-Wood.
"Chips is a great guy but not a very imaginative choice by the owner (Stan Kroenke) -- and he is 73," the Arsenal legend told The Sun.
"If they just wanted a figurehead, they should have gone for me. It would have been a better visionary decision than Chips."
Adams is desperate to help out his former club in any way he can. "I'm a red and white man and I would literally, if I could be of service in any way, go there tomorrow," he said. "The reality is if they need me -- I am there.
"There needs to be mediation between the owner and a few other board members. I know the standards and the values of the club.
"There is an issue with Arsene as well, he is a great manager and a fantastic man but he is 63 now and there is going to come a time when we are not sure if he is going to be out there.
"If they need any advice around then I'd happily do that -- the (majority) owner is in America a lot of the time so if he wants someone in the boardroom when the away directors come in I'd do that as well."
The former Arsenal skipper also believes bringing in someone of the quality of Wayne Rooney might be a good idea, but insisted he completely trusts Wenger to make the right decision.
"I think he (Rooney) has got it on the pitch, I think technically he is one of the last brilliant Englishmen so I would love to have him at Arsenal," Adams added.
"It is just that he comes with other things involved and London is a different place and a different situation and it takes a certain type of professional but that is Arsene's call and I wouldn't go against the great man.
"We have got scouts all over the world doing great jobs for the club. What I hope they are doing is not gambling so much on three or four players but bring one player in who is going to make the difference. I don't think we have time for a 'maybe' player to come through."
