Arsenal's 25 most expensive transfers of all time

FT Desk

• 28 Oct 2025 15:51 GMT
• 11 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 25 most expensive Arsenal signings in history.

25. Lucas Torreira - €28.7m (from Sampdoria, 2018)

Torreira was signed was Arsenal were going through a transition period from Arsene Wenger to Unai Emery and he never really got to grips in his new surroundings.

Not particularly good tactically, he was often a headless chicken midfield.

24. William Saliba - €30m (from Saint-Etienne, 2019)

One of the best pieces of business Arsenal have done this century. Saliba has developed into one of the best midfielders in the world and a true leader for the current Gunners side.

He may very well emerge as the first ever defender to be sold for €100m if Real Madrid eventually get their way, but he did recently sign a new long-term contract at the Emirates.

23. David Raya - €31.9m (from Brentford, 2024)

Raya initially signed for Arsenal on loan before the move was permanent a year later.

He was brought in to provide competition for Aaron Ramsdale but soon established himself as undisputed number one and is probably the best goalkeeper in the Premier League with the ball at his feet which is what Arteta wants.

22. Mikel Merino - €32m (from Real Sociedad, 2024)

Merino has emerged as a perfect utility player for Arteta as he can play any position in central midfield and is also very useful as an auxiliary striker.

However, does his versatility actually cost him as he isn't a truly key player in midfield or in attack?

21. Henrikh Mkhitaryan - €34m (from Man Utd, 2018)

The deal surrounding Mkhitaryan’s move to Arsenal from Manchester United was naturally complicated by Alexis Sanchez going in the other direction.

Neither player was able to find the form required to make the trade worth it, and both soon moved on to pastures new in Serie A with Roma and Inter respectively.

Currently enjoying an Indian Summer in his mid-thirties at Inter Milan.

20. Martin Odegaard - €35m (from Real Madrid, 2021)

Odegaard's young career stagnated after signing for Madrid at such a young age but he finally found a place to call home at Arsenal.

His performances were so impressive that he was eventually named club captain, though his recent injury record is a concern.

19. Oleksandr Zinchenko - €35m (from Man City, 2021)

Arteta just loves left-backs and he added another to his ranks in 2021 with Zinchenko.

To be fair to the Ukrainian, though, he was often deployed at left-back to cut inside and provide an additional body in central midfield which he did well.

18. Fabio Vieira - €35m (from Porto, 2022

This one just never worked out.

Though a skilful player, Vieira was never going to be fast or strong enough for the hustle and bustle of the Premier League. He is still owned by Arsenal, but is on his second loan in consecutive seasons, this time to Hamburg in Germany.

17. Jurrien Timber - €40m (from Ajax, 2023)

This could turn out to be a wonderful piece of business.

It didn't always look at that way as only minutes into his league debut Timber suffered a serious knee injury that put him out of action until the following April.

He has recovered superbly and was recently labelled by Gary Neville as the best right-back in the Premier League.

16. Shkodran Mustafi - €41m (from Valencia, 2016)

Having struggled to prove his worth at Everton, Sampdoria and then Valencia over the course of a seven-year spell, it certainly seemed odd when Arsenal decided to take a punt on Shkodran Mustafi in the summer of 2016. What was even more bizarre was the fact that the London club spent no less than €41m bringing him to the Premier League. 

Despite enjoying a bright start to his spell at Arsenal when he played a vital role in the club’s 17 game unbeaten streak, the same lapses in concentration and frequent mistakes that plagued his time in Italy and Spain began to show more and more frequently. 

15. Alexis Sanchez - €42.5m (from Barcelona, 2014)

Arsenal were desperate to sign Luis Suarez from Liverpool but ended up signing Alexis Sanchez after Suarez signed for Barcelona.

Every player at Barca during this time played second-fiddle to Lionel Messi so Alexis flourished in the increased responsibility awarded to him at Arsenal.

Yes, he undoubtedly left under a cloud to Man Utd, but he was a key player for a few years and was named the club's Player of the Year in 2015 and 2017.

14. Riccardo Calafiori - €45m (from Bologna, 2024)

Another big splurge on a full-back, this time on Calafiori in 2024.

He has had spells out with injury, but looks to have made the left-back position his own in 2025/26 despite the emergence of Myles Lewis-Skelly and the acquisition of Piero Hincapie.

13. Granit Xhaka - €45m (from Gladbach, 2016)

Xhaka signed for Arsenal under Wenger and was there through the transition to Emery and then Arteta, so it was certainly a tumultuous period.

He will be remembered fondly by the fans though as he won two FA Cups and served as club captain.

12. Mesut Ozil - €47m (from Real Madrid, 2013)

This is one of the transfers that made Arsenal fans purr with excitement.

The Gunners supporters couldn't believe they'd managed to sign Ozil from Real Madrid as he had been an assist machine for Los Blancos during his time there, only to be forced out as the Spanish giants signed Gareth Bale for a world-record fee.

In 184 Premier League games he scored 33 goals and recorded 57 assists.

11. Thomas Partey - €50m (from Atletico Madrid, 2020)

Arteta was desperate for more steel in the middle of the pitch and that is what Partey provided.

A key figure in Arsenal's rise to become league challengers again, he left upon the expiration of his contract in 2025.

Arsenal's top 10 most expensive players ever

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.

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.

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.

The FootballTransfers app

Check out FootballTransfers' new app for all of football's big storylines, transfer rumours and exclusive news in one convenient place directly on your mobile device.

The FootballTransfers app is available in the Apple App Store.

Download here:

•App Store