Nicolas Pepe arrived from Lille for a club-record £72m, while William Saliba, who joined and then returned on loan to Saint-Etienne, cost £26m.
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The Gunners are set to strengthen their defence with the addition of Scottish left-back Kieran Tierney from Celtic for, according to talkSPORT sources, a £25m fee.
And, in one of the most surprising transfers of this or any other window, Arsenal have settled on a £8m deal to sign Brazilian centre-back David Luiz from Chelsea.