The Spaniard is now hoping to add at least a centre-back, left-back, and left winger in the transfer window, but they have a moderate transfer fee.
While the €32 million fee would significantly hit the Gunners' summer budget, pre-player sales, it looks like they are ready to splash the cash owing to Emery's insistence to sign the Real Madrid star.
AS reports that Arsenal and Real Madrid are in talks, negotiating a possible transfer for Vazquez to the Emirates with the Gunners placing a bid of €35 million for the Spain worldwide.
St Etienne youngster William Saliba has been linked with a big-money move to strengthen Arsenal at centre-half, while Crystal Palace winger Zaha has emerged as a top target for the final third.
Wilfried Zaha has broken his silence on reports linking him with Arsenal, remaining coy when asked about his future while on global duty with the Ivory Coast before later tweeting another puzzling update. "I have no comment on it the only thing thats on my mind now is trying to win this cup".
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Arsenal are believed to be lining up a second offer for the 26-year-old.
"I don't feel we need Zaha at the moment, it's not a position we need to strengthen".
"It's no good having the best players in the world up front if you don't have a solid defence".
Their failure to qualify for next season's Champions League has left a hole in Arsenal's transfer kitty with just £40m available to Unai Emery before player sales.
"It's my brother's dream though, to play for Arsenal".