The Gunners are once again set for Champions League qualification, but fans will be expecting a more sustained title challenge next season, given that Arsenal currently lie 14 points adrift of champions Chelsea.
Summer signings are to be expected, but some fans may be surprised to see the club linked with a move to sign Leicester City star Schmeichel.
The Danish international, 28, has been a regular for Leicester since his 2011 move from Leeds United, and has played a key role in the Foxes' recent revival, which has seen them pull clear of the relegation zone.
They could now lose Schmeichel though, with The Telegraph reporting that Arsenal see the son of Manchester United legend Peter Schmeichel as an alternative to Chelsea's Petr Cech.
Signing a goalkeeper wouldn't be much of a shock, but targeting Schmeichel would, considering that few would see him as a real upgrade over Ospina or Szczesny.
With a contract at the King Power Stadium until 2018, it could be difficult to land Schmeichel, whilst The Telegraph also add that Liverpool are interested in signing Schmeichel this summer as well.