Arsene Wenger's successor at Arsenal will have just £50m to play with in the summer transfer window after 12 months filled with two club record signings and three major contracts.
The Gunners spent over £100m to sign forwards Alexandre Lacazette and Pierre-Emerick Aubameyang while Mesut Ozil signed a new deal back in January and will remain with the club until 2021.
While the two Manchester clubs have lead the rest of the Premier League in transfer spending over the past two seasons, the Telegraph believe Arsenal's new manager will not be able to revamp a squad in need of bolstering.