Arsenal's 10 most expensive transfers of all time

Cameron Smith

• Updated: 11 Sept 2025 14:30 BST
• 7 min read

TRANSFERS

Arsenal have spent money like a top European team for years and they are now consistent challengers for major honours under Mikel Arteta.

The Gunners have only won the FA Cup and the Community Shield since Arteta’s arrival, but they have been extremely shrewd in the transfer market over the past few years and this theme continued in 2025.

Below, FootballTransfers runs through the 10 most expensive Arsenal signings in history.

10. Alexandre Lacazette - €53m (from Lyon, 2017)

Alexandre Lacazette had a decent five-year spell at the Emirates Stadium, but he failed to reach the elite level that Arsenal really needed.

Any forward that reaches double digits in four consecutive seasons - as he did in his first four campaigns for Arsenal - is an asset to their team, but Lacazette ultimately failed to take Arsenal to the Champions League.

In total, he scored 71 goals in 206 games for Arsenal before returning to Lyon on a free transfer when his contract ran out.

Current ETV

Alexandre Lacazette

F (C)

NEOM

Alexandre Lacazette

F (C)

NEOM

€4M

ETV Range

€3.2M - €4.8M

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9. Noni Madueke - €56m (from Chelsea, 2025)

Noni Madueke was a controversial arrival in the summer of 2025 as he joined in a big-money move from Chelsea.

Underwhelming statistics at Stamford Bridge led to protests against the arrival of the England winger, with fans even starting a petition asking the club not to sign him.

However, Arsenal decided to bring Madueke to the club amid their pursuit of a suitable back-up for Bukayo Saka.

8. Ben White - €58.5m (from Brighton, 2021)

While the signing of Benjamin White was generally greeted as a positive move after he showed promise at Brighton, the astronomical fee that Arsenal paid for the centre-back was heavily criticised.

He fared decently in his debut season, but took his game to another level in 2022-23 and 2023-24.

Arteta moved the Englishman into a right-back role, and White nailed down a starting place and won widespread acclaim, going some way to silencing his doubters in the process.

7. Pierre-Emerick Aubameyang - €63.8m (from Dortmund, 2018)

Pierre-Emerick Aubameyang seamlessly transferred the fine form he showed at Borussia Dortmund to the Premier League, scoring 10 goals and providing four assists in 13 league games after joining in January 2018.

The Gabon international continued that form, netting 22 Premier League goals in both 2020-21 and 2021-22, while he also scored a brace in the 2020 FA Cup final as Arsenal beat Chelsea to lift the trophy.

Things started to go wrong after he was handed a new contract in the summer of 2020. His discipline and form declined and he fell out with manager Mikel Arteta before leaving for Barcelona on a free transfer in January 2022. He still scored an impressive 92 goals in 163 games for Arsenal.

6. Viktor Gyokeres - €65.8m (from Sporting CP, 2025)

After three consecutive runners-up finishes in the Premier League between 2023 and 2025, it was clear that Arsenal needed a new, prolific centre-forward, and after much deliberation, Viktor Gyokeres was chosen as the preferred option.

The Swede was coming off two absurd seasons in Portugal, scoring 97 goals and providing 28 assists in 102 games. A lengthy transfer saga ensued, with Gyokeres accusing Sporting CP of reneging on an agreement to let him leave for €70m.

Arsenal ultimately managed to strike a deal, paying an upfront fee of €65.8m, in addition to a reported €10m in add-ons.

5. Eberechi Eze - €69.3m (from Crystal Palace, 2025)

Arsenal left it late for arguably their most explosive signing of the 2025 summer window as they purchased Eberechi Eze for €69.3m following an injury sustained by Kai Havertz in mid-August.

Arsenal had already reached a broad agreement to sign him from Crystal Palace weeks earlier, but they backed out of the deal, which allowed Tottenham to put a full verbal agreement for his signing in place.

However, the Gunners hijacked the deal after Havertz's injury, with Eze not hesitating to give Arsenal the nod over their north London rivals, having grown up as a supporter of the club.

4. Martin Zubimendi - €70m (from Real Sociedad, 2025)

A year before joining Arsenal, Martin Zubimendi had turned down the opportunity to join Liverpool, yet his move to the Premier League finally came when Mikel Arteta called.

The Gunners had been courting the Euro 2024 star for months before they finally snapped him up to anchor their midfield in the 2025/26 season.

Zubimendi racked up 236 appearances for Real Sociedad before moving to Arsenal and he immediately became a starter upon his arrival at the Emirates Stadium.

3. Kai Havertz - €75m (from Chelsea, 2023)

Once the Bundesliga's biggest wonderkid, Kai Havertz experienced a torrid time at Chelsea. Shoehorned into different positions that he wasn't suited to, Havertz came to epitomise the dysfunction at Stamford Bridge.

Nevertheless, Arsenal were prepared to shell out €75m on the German, with Mikel Arteta convinced that a move to the Emirates would resurrect his career.

After a slow start with the Gunners, he soon developed into one of the key players of the team as a false nine.

2. Nicolas Pepe - €80m (from Lille, 2019)

For €80m you'd expect a world-beater, which Nicolas Pepe certainly wasn't.

The Ivorian scored just five Premier League goals in his first season at Arsenal, but doubled his tally second time around. However, in his third campaign, he found the net just once in a truly dreadful season.

Pepe was loaned out to Nice for the 2022-23 season and he joined Trabzonspor on a free transfer in September 2023. The Ivorian cost Arsenal roughly €3m per goal scored.

Current ETV

Nicolas Pépé

F, AM (R)

Villarreal

Nicolas Pépé

F, AM (R)

Villarreal

€5M

ETV Range

€4M - €6M

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1. Declan Rice - €116.6m (from West Ham, 2023)

After heavy speculation of a return to Chelsea, following his time in their youth set-up, Declan Rice joined their London rivals Arsenal for €116.6m in the summer of 2023.

Mikel Arteta's side fought off immense competition from Manchester City to sign the England international in a major coup for the club. The midfielder was West Ham's captain during his last season with the Hammers and he guided them to Europa Conference League glory in his final appearance.

Rice enjoyed an excellent first season at Arsenal and he backed that up with arguably an ever more impressive second campaign.

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