Arsenal are on the lookout for free transfers and swap deals due to financial impact of coronavirus pandemic.

As a sign of the times Arsenal will be searching for cut-price bargains during the next transfer window to mitigate the financial impact of the coronavirus pandemic.

The club will primarily be on the lookout for free transfers and swap deals rather than attempting to land big-money signings due to the commercial fall-out from Covid-19.

The club’s coffers, already under strain from failing to qualify for the Champions League since 2017, faces further hits from the uncertainty caused by the killer virus and the possibility of failing to qualify for any form of European football as and when the 2020-21 season eventually starts.

Club finances, already described by director John Kroenke last summer as a ‘Champions League wage bill on a Europa League budget ’ – face further issues caused by gaps in commercial and financial revenue caused by the coronavirus lockdown.

Arsenal’s parent holding company published accounts this February covering the year ending 31 May 2019, that reported an after tax loss of £27.1m – a worrying slump from the previous year’s profit of £56.5m.

While revenue from football-related activities rose to £394.7m from £388.2m in the previous period the club revealed overall operating profits were hit by ‘continued investment in player wages’, which increased to £231.7m.

Even with around £25m sliced off that figure thanks to Mikel Arteta successfully arbitrating a 12.5 per cent pay cut for 12 months from the vast majority of his squad, as the Gunners became the first Premier League club to negotiate a wage reduction, the Arsenal head coach faces a summer of wheeler-dealing on a limited transfer budget, supplemented by the search for out of contract players.

The wage cuts to Arteta’s squad will be refunded if the clubqualify for the Champions League – if and when the 2019-20 season resumes – with a reduction to 7.5 per cent if Europa League football is achieved.

However, while Arteta’s team are eight and five points short of those objectives, and were unbeaten in eight league matches before sport was halted there is great uncertainty over what will happen next.

With France announcing no football until September at the very earliest and the Dutch league effectively cancelled for the season, confusion and ambiguity abounds.

As a result Arsenal are said to be interested in Chelsea winger and free agent Willian, whose representative, Kia Joorabchian has close links with the Gunners technical director Edu, according to the Mail.

While the Gunners will also be focussing on swap deals, such transactions are harder to seal because of difficulty in both parties agreeing the valuation of the player involved.

Arsenal also have to bear in mind their last high-profile swap deal was less than successful when Alexis Sanchez went north to Manchester United in exchange for Henrikh Mkhitaryan.

While many rejoiced at the truculent Sanchez moving to Old Trafford in January 2018, Mkhitaryan’s performances for the Gunners since then have been so underwhelming he is currently on loan at Roma.