Arsenal’s summer transfer saga is far from over, and the rumor mill is in full swing as the Gunners continue to reshape their squad ahead of the looming transfer deadline. Despite a record-breaking outlay already this window, Mikel Arteta’s side is reportedly not done shopping, with eyes now turning toward Malick Fofana of Olympique Lyonnais and a potential reinforcement at left-back. The North London club’s ambitions—and the uncertainty swirling around Fofana’s future—have set the stage for a dramatic conclusion to the transfer window.
Let’s start with the numbers. Arsenal have flexed their financial muscle this summer, splurging approximately £188 million on six signings even before the headline-grabbing arrival of Eberechi Eze. Factor in potential add-ons and the reported £60 million fee for Eze (plus £7.5 million in bonuses), and the club’s total spending could balloon to between £248 million and £273 million. That’s a jaw-dropping figure, especially given the relatively modest income from player sales—just two permanent departures, Nuno Tavares and Marquinhos, for less than £10 million combined. It’s clear Arsenal are all-in on building a squad capable of challenging on multiple fronts.
The Gunners’ new arrivals read like a who’s who of European football’s rising stars and established talents. Martin Zubimendi joined for €65 million, Viktor Gyokeres came in at €63.5 million (with €10 million in potential add-ons), Noni Madueke cost £48.5 million (plus £3.5 million in add-ons), Cristhian Mosquera arrived for €15 million (with €4 million in add-ons), Christian Norgaard was snapped up for £10 million (plus £2 million in extras), and Kepa Arrizabalaga rounded out the list at £5 million. Eberechi Eze’s move from Crystal Palace for a reported £60 million plus bonuses was the latest—and perhaps flashiest—addition.
But wait, there’s more. Arsenal’s transfer business doesn’t appear to be finished just yet. According to Hugo Guillemet of L’Equipe, the Gunners have added Malick Fofana to their summer shortlist. Lyon, however, isn’t expected to let their prized 20-year-old Belgian winger go without a fight, slapping a £35 million price tag on his head. Bayern Munich are also reportedly circling, making the race for Fofana’s signature a tantalizing prospect for fans and pundits alike.
So, what makes Fofana such a hot commodity? The young Belgian has turned heads with his performances for Lyon, showcasing a blend of pace, technical skill, and a keen eye for goal. He’s not just a winger—he’s a versatile attacking threat, capable of impacting games in multiple ways. Arsenal’s coaching staff is said to be enamored with his potential to inject fresh energy and creativity into their midfield and attack. As one recent analysis put it, "If he can invigorate the midfield with his energy and skill, the profusion of good players may surely increase the chances of winning matches and major trophies."
Of course, Arsenal aren’t the only ones with a say in Fofana’s future. Olympique Lyonnais, having narrowly avoided administrative relegation this summer, find themselves in a tricky financial position. The club faces austerity measures, and a significant sale—like that of Fofana, whose market value is estimated at €30 million by Transfermarkt—could help balance the books. Yet, on the sporting side, losing Fofana would be a bitter pill to swallow for Lyon’s faithful.
Jorge Maciel, Lyon’s deputy to head coach Paulo Fonseca, didn’t mince words after Lyon’s convincing 3-0 win over Metz at Groupama Stadium. Speaking to Ligue 1+, Maciel joked, "If we can lock him in the locker room, he will never leave." But he acknowledged the unpredictable nature of the transfer window, adding, "In Ligue 1, there may be a club that can decide whether it is selling or not. For all the others, we know the reality of French football at the moment and that of the transfer window when it is open. I think 90% of clubs cannot say what their workforce will be in a week."
Echoing that uncertainty, Lyon’s sporting director Matthieu Louis-Jean stated, "Malick is a very good player and we are happy that he is with us. We have clearly not finished our transfer window in the entries as in the outputs. It will be a long week that promises to be. We want to have the most competitive team as possible to play three competitions this season." With Lyon aiming to compete on multiple fronts, the decision to sell or keep Fofana could have far-reaching consequences.
Meanwhile, Arsenal’s own plans for further signings may hinge on outgoings. The Gunners are reportedly open to offers for several squad members, including Fabio Vieira, Reiss Nelson, Oleksandr Zinchenko, and perhaps most notably Jakub Kiwior. Porto have already seen a bid worth up to €27 million for Kiwior rejected, but if they return with an improved offer, Arsenal could free up the funds needed for another marquee signing—potentially Fofana or a new left-back, as reported by Paris-based journalist Abdellah Boulma.
It’s worth noting that the Fofana-to-Arsenal rumors remain just that—rumors. As of August 23, 2025, no deal has been confirmed, and negotiations are ongoing. Fofana himself has a say in his future, and with interest from multiple clubs, Lyon will weigh their options carefully. The transfer window is notorious for late twists, and this saga could go right down to the wire.
For Arsenal supporters, the prospect of adding Fofana to an already star-studded squad is an enticing one. The club’s willingness to spend big signals a clear intent to compete for silverware, both domestically and in Europe. Yet, the balancing act between further investment and financial sustainability looms large, especially with the Premier League’s financial fair play regulations casting a long shadow over transfer dealings.
As the days tick down to the transfer deadline, all eyes will be on Arsenal and Lyon. Will the Gunners land their latest target and cap off a remarkable window, or will Lyon hold firm and keep their young star? For now, the only certainty is that the coming week promises drama, speculation, and—just maybe—a blockbuster move that could reshape the fortunes of both clubs.
With so much at stake and so many moving parts, fans are left to watch, wait, and wonder: will Malick Fofana be the final piece in Arsenal’s puzzle, or will Lyon’s resolve win out? The transfer window is far from closed, and the story is still unfolding.
