Arsenal, Liverpool and Manchester City have all made contact to sign Brazil winger Rodrygo, 24, from Real Madrid. (Tbrfootball), external
Want more transfer stories? Read Friday's full gossip column
Katie Stafford
BBC Sport journalist
Image source, Getty ImagesMikel Arteta believes Arsenal were the best team in the Champions League this season, but is he right?
Reaching the semi-finals does suggest they are one of the better sides given 36 clubs were involved this year, but how do Arsenal compare against finalists Paris St-Germain and Inter Milan?
Inter are the most in-form team in the Champions League, losing only once to Bayer Leverkusen in December, and winning 10 of their games.
Arsenal won nine of their games before being knocked out on Wednesday but were one of nine teams that lost three matches across the campaign.
Perhaps surprisingly, PSG have lost the most of the three teams, being defeated five times during the league stage. Luis Enrique's side have, however, won 10 matches overall, a reflection of their dominance in knockout football.
Arsenal needing a number nine has been the ongoing talking point of the past two seasons and it has been further highlighted through the injuries of Kai Havertz and Gabriel Jesus.
But in contrast to their Premier League record, the Gunners have had no issues putting the ball in the back of the net in Europe.
They scored 31 goals in the competition - more than their XG of 27.27 - and produced 84 shots on target, despite playing the latter stages of the competition with a makeshift centre-forward in Mikel Merino.
PSG have had 111 attempts on target converting 33 of those to goals, while Inter Milan registered 65 shots on target, scoring only 26 times.
Of the three teams, it is Arsenal's backline that gets the plaudits. The centre-back pairing of William Saliba and Gabriel has continued to shine, with Arsenal only shipping 10 goals throughout the whole competition.
Interestingly, four of those have come since the Brazilian was ruled out at the beginning of April for the remainder of the season with a hamstring injury.
Even so, that defensive solidity means they have the best goal difference of anyone in the competition with 21, bettering PSG's 18 and Inter's 15.
No better team in competition than Arsenal - Arteta
Aside from the numbers, it is worth noting that Inter Milan have had a more favourable run of fixtures compared with Arsenal and PSG.
The Gunners saw off Sporting Lisbon and PSV Eindhoven convincingly, with the latter finishing 9-3 on aggregate.
They then dismantled 15-time champions Real Madrid 5-1 over two legs in the quarter-final with Declan Rice producing two world-class free-kicks that will be remembered for decades to come. It is understandable why people had high hopes for the Gunners after that promising display.
But PSG also deserve their share of the flowers. It would not be unfair to say they started the competition poorly by taking 13 points from eight games in the league stage. But post-Christmas, Enrique's side found their feet.
They put 10 past Brest over two legs and eliminated Manchester City, favourites Liverpool and now Arsenal.
It cannot be said they have had an easy run to the final.
Arteta does have some evidence for his claim Arsenal have been the best team in the Champions League this season - but it is hard to argue against the two finalists being more deserving.
The ultimate answer will come on Saturday, 31 May - and Arsenal will not be there.
Sami Mokbel
Senior football correspondent
What comes next for Arsenal? Can they get to the next level? And which players are they looking at as they try to strengthen their squad?
This will be a significant summer, and new sporting director Andrea Berta, who joined the club from Atletico Madrid in March, will be a key figure.
Here, we take you through the club's plans as they stand - pulled together from multiple sources.
Unsurprisingly, a striker is top of their list of targets, with Alexander Isak, Benjamin Sesko and Viktor Gyokeres all coveted.
Image source, Getty ImagesIt is no secret Arsenal want to spend a large portion of their summer budget on a new striker.
At the top of Arteta's wishlist is Newcastle frontman Isak, and a move for the Sweden international has almost universal backing from those behind the scenes at Emirates Stadium.
Well-placed sources have told BBC Sport that Isak would be open to a move to London, though he is likely to have other options - with Liverpool also interested.
All of his suitors are likely to run into the same obstacle: cost.
There is an acknowledgement at Arsenal that signing Isak would wipe out the vast majority of their budget - and with other positions to strengthen, a deal for the 25-year-old may be unlikely.
Image source, Getty ImagesArsenal have had Benjamin Sesko on their radar for a while now and the forward was close to joining the club last summer.
Arsenal enquired again in January, but the German club were adamant they had no intention of selling and the Gunners did not want to antagonise them before a potential negotiation this summer.
Slovenia international Sesko has scored 26 goals this season - already an improvement on the 23 he hit last year. At 21, he fits the ideal age profile for Arsenal in terms of financial and technical growth.
Image source, Getty ImagesThe appointment of Berta has resulted in Victor Gyokeres' stock rising, with sources in recent weeks indicating there is considerable internal backing for a move for the Swede, despite much of the groundwork having been completed on a deal for Sesko.
Like Sesko, Gyokeres has a release clause as well and the indications are their clubs are willing to negotiate lower fees.
At this stage, sources suggest Gyokeres, who has scored 38 league goals this season, is the most economical signing of the two.
But prior to Berta's arrival there were concerns whether Gyokeres' form in Portugal would translate to top-level performances in the Premier League.
Similarly, the fact he will turn 27 before next season presents a financial dilemma given the likely outlay.
Image source, Getty ImagesArsenal captain Martin Odegaard believes the club must take lessons from their Champions League semi-final loss against Paris St-Germain.
The result ensured Arsenal will have gone five years without a trophy under Mikel Arteta but the Norway midfielder wants his team-mates to use this experience as an opportunity to improve for next season:
"It's very painful to be honest," said Odegaard. "We started the game really well, on the front foot, took control and created some big moments.
"But again, in the boxes, that's where the games are decided and we weren't good enough. That's where we have to be sharper and more clinical and also not concede the goals like we have done."
Odegaard has been at the club since 2021 but is yet to lift silverware. Wednesday marked the fourth straight semi-final that Arsenal have lost but the 26-year-old believes his team will recover.
"We wanted to go all the way and to bring trophies to this club and to our supporters," he said. "We've had some tough moments during my time here and I feel like every time we've come back stronger. So that's the only thing you can do. We have to stick together."
Image source, Getty ImagesFormer Arsenal assistant first-team coach Steve Round speaking on BBC Radio 5 Live on the Gunners' Champions League exit: "Over the two legs, although Arsenal played well, they didn't quite do enough to win the game. They were brilliant in the first 15 minutes - but they didn't convert the chances.
On whether Arsenal desperately need a number nine: "Yes and no. They have been unfortunate with injuries but the old adage of the striker only performs in the box is now gone. Most teams have centre-forwards who are good all over the pitch. Arsenal will be looking for a number nine who can help in the box, as well as on build-up and high press."
On Mikel Arteta needing to win silverware: "His focus and intensity to win is incredible - this won't have deterred him one bit. He will be incredibly disappointed not to go to the next step.
"But remember this team is in its infancy in the Champions League. Manchester City were in the competition for a long time before they won it. You grow, build, adapt and you get better. Arsenal definitely improved between the two legs in this game.
"Eighteen other teams in the Premier League would swap places with Arsenal right now. Unfortunately, they came up against an exceptional team in Liverpool, who had a brilliant season.
"The team is growing and the silverware will come. If you keep the nucleus of the team together and recruit well this summer, they can push forward and will be successful next year."
Alex Howell
BBC Sport football news reporter
Image source, Getty ImagesAfter Arsenal's loss to Paris St-Germain, the immediate talk after the match was how it is now five years since the Gunners have lifted a trophy under Mikel Arteta.
It is not a given that any club should win trophies but Arsenal are excellent under Arteta and the progression he has made at the club means fans feel the next step is winning regular silverware.
Arteta has got Arsenal back into the Champions League and they are consistent title challengers in the Premier League.
However, the same criticism has been repeatedly given to Arteta's side and that is that they lack a cutting edge in the final third.
They have suffered injuries but there have been many games this season where Arsenal have dominated, had chances but not taken them and ultimately lost.
Arsenal finished this semi-final second leg with an expected goal ratio of 3.14. That reads like Arsenal were wasteful in front of goal which is not the whole story.
A huge part of the reason that Arsenal couldn't score was the excellent performances of Gianluigi Donnarumma across both ties, but there were also occasions where balls into the box were not attacked as Arsenal do not have a natural goalscorer in their squad.
The Gunners have been linked with Viktor Gyokeres, Benjamin Sesko and Alexander Isak and all are liked internally but there is a huge summer ahead for Mikel Arteta and sporting director Andrea Berta.
Isak would be hugely expensive, Newcastle will not want to sell their top scorer and a deal will be even harder to do if they qualify for the Champions League.
There is no doubt Arsenal must sign a striker this summer but the challenge will be navigating a market where everyone knows what they need.
Phil McNulty
Chief football writer in the Parc des Princes
Image source, Getty ImagesArsenal delivered a top-class display in Paris, but the bitter truth is they could not deliver enough of the "magic moments" manager Mikel Arteta had demanded and their barren run without a trophy now extends to five years.
They stunned Paris St-Germain and their supporters with a blistering early salvo, but Declan Rice headed a great chance wide before Gianluigi Donnarumma again broke their hearts and hopes of a comeback.
Arteta could not have asked for more from his players against this talented PSG team, who beat Manchester City in the league phase, then eliminated Liverpool and Aston Villa in the knockout rounds.
Arsenal could not turn their early domination into the goal that would have applied pressure on a nervous PSG in those opening stages, leaving them at risk from the danger Luis Enrique's side possess.
And so it proved with Georgian genius Khvicha Kvaratskhelia hitting the post and Bradley Barcola forcing a fine save from Raya before Ruiz broke the deadlock.
How Arsenal cried out for a natural striker when they had control. Emergency striker Mikel Merino provided a focal point but little else in terms of attacking threat.
Arsenal's players, understandably, looked crestfallen as Parc des Princes was engulfed in wild scenes of celebration.
Arteta now has to lift them to ensure they finish in the Premier League's top five and return to the Champions League next season.
Following Arsenal's Champions League exit at the hands of Paris St-Germain, we asked you to have your say on the game.
Here are some of your comments:
Wendy: Feel so sorry for the team as it is a devastating result. With Gianluigi Donnarumma in goal, it was an almost impossible task. Getting to the semi-final has been a fantastic achievement though given the season's problems for the Gunners. A bold goal from Bukayo Saka provided a small healing plaster, at least. All go now for keeping our place as 'the best of the rest' in the league table.
Ash: I think that reaching the semi-finals is about right. PSG are a slick outfit with matchwinners that Arsenal lack. Arsenal need to go big in the summer transfer window and find those game changers that are needed to go and win something.
Vince: Deflated. So many what ifs. At least we went out fighting. The better team lost over these two legs. We could have won if Gabriel was around, or if Thomas Partey hadn't missed the first game, or if we had bought a striker in January. Or if Donnaruma wasn't in perfect form! But ifs never win trophies so let's just plan better and go again. Mikel Arteta is close to a big win and in all likelihood he's going to get just one more season to do it.
Paul: At that level, more than effort is required. We lack pace, creativity and ruthlessness. Only Saka, William Saliba and Declan Rice are truly world class.
Rachel: The one thing Arsenal need to do is up their game when it matters the most. They have done so well and given the fans some much-needed hope as of late, but as soon as they lose a game or two they start to really slack. Seems to be a real lack of drive within the team when the times get tough and unfortunately this is their main downfall. Noticing plenty of opportunities between Rice and Saka but the rest of the team don't seem to be around to cover their efforts!
Peter: Arsenal lacked precision, close ball control, and strategy around the penalty box, in contrast to PSG. Think of the difference say a Yoana Wissa would have made in the box. Several transfer windows later and Arteta still doesn't get it. Maybe Arsenal need a top manager to make the next step forward/up as the "nearly" label is about to stick.
Available to UK users only
Match of the Day's Guillem Balague reflected on Arsenal's Champions League exit: "They haven't been good enough. But if we take out the failure of a no trophy season, you can see progression. You have to say that. For six years, they were not in the Champions League. They have now been in it for two years and got to the semi-final in the second season and they made life difficult for PSG.
"Arsenal were better than PSG. Of course Donnarumma counts but they created the chances - they had the momentum. You will hear Mikel Arteta talking in interviews about 'we weren't strong in the boxes'. They made mistakes, but he needs players. They didn't score enough. Again, he needs players.
"Four or five new starters, depending how many they can sell, and Arsenal will have a team that is one of the best in Europe."
'Down and out in Paris,' says the back page of the Daily Express after Arsenal's Champions League dream died on Wednesday night.
Needing to overturn a 1-0 loss from the home first leg to book a place in the final against Inter Milan, Arsenal came unstuck against Paris St-Germain goalkeeper Gianluigi Donnarumma.
Despite David Raya's heroics in saving a penalty, goals from Fabian Ruiz and Achraf Hakimi sank the Gunners with Bukayo Saka's strike offering only a late consolation.
Thursday's papers recognise the 'Art Break' for the Arsenal boss, who has now overseen five trophyless seasons at Emirates Stadium.
Image source, Daily Express and Daily MirrorArsenal have made an offer to the representatives of Ipswich's English striker Liam Delap, 22, as they seek to sign a supporting forward alongside a more experienced and proven option. (Football Transfers), external
The Gunners have also stepped up talks to extend the contract of France centre-back William Saliba, who has been linked with Real Madrid. The aim is to prevent the 24-year-old leaving for a cheaper price when he has one year left on his deal next summer, or on a free transfer when his contract ends in 2027. (L'Equipe, via Get French Football News), external
Finally, Arsenal also have an interest in Bayer Leverkusen's Czech Republic striker Patrik Schick, 29, this summer. (Caught Offside), external
Want more transfer stories? Read Thursday's full gossip column
Image source, Getty ImagesArsenal still need a striker if they are to "go to the next step", says former defender Matthew Upson.
Having lost the semi-final first leg 1-0 to Paris St-Germain, the Gunners needed to win in Paris to progress to a first Champions League final in 19 years.
However, despite producing an xG of 3.14 in the game on Wednesday night, Arsenal could still not outscore PSG and succumbed to a 2-1 defeat and 3-1 loss on aggregate.
"It is difficult to take for Arsenal. Another semi-final they end up losing. It's becoming a little bit of a habit, which is not great," Upson said on BBC Radio 5 Live.
"It just didn't happen for them in this game.
"There are so many positives about what Mikel Arteta has done with this Arsenal team, they're a very good side.
"For them to go to the next step, it is looking at the finer detail, but for me there is one glaring thing. It's that position that we are always talking about - a player that is going to produce those goals. Other players will benefit form that as well, Bukayo Saka will get more space, Gabriel Martinelli will have more space.
"When PSG break away you always feel they are going to put the ball in the back of the net. Arsenal don't have that level."
Image source, Getty ImagesArsenal midfielder Declan Rice speaking to TNT Sports: "I thought we were dominant today, if we score one of them chances in the first 15-20 mins then the game changes.
"Two mistakes from us and two goals for them. We gave it everything, it wasn't meant to be. You're in or you're out in this competition. Over the two legs we could've scored more goals but Donnarumma has been unbelievable and it wasn't meant to be.
"Sometimes you have to lose a few in order to win and overcome setbacks to grow as a player and as a group. We're going through that at the moment in terms of the league and Champions League - we've been here back-to-back seasons - we're growing as a team but we need to keep pushing and believing.
"We're absolutely gutted but this doesn't define us, for sure. We'll be stronger with our players back who have been out for a long time."
On injuries: "It's tough. We've done the whole season without five or six of our best players, so to do what we've done is unbelievable. We've given it everything, the whole squad, everyone flying with us and everyone believed. You could see that we believed it.
"On another night we maybe score two or three, that first 20 minutes where they score and we don't take our chances is a kick in the teeth. We'll be back, three games left, it's been a long season but we keep pushing because we want to win and do the best we can."
On winning a trophy: "We're all desperate for it. That's why we play football, we want to win trophies, we want to be at the pinnacle, winning stuff. For whatever reason, it hasn't been meant to be. We've been really close and it's not good enough.
"Arsenal deserve to be pushing for trophies and winning things but there's not a lot more we can be doing. A lot of superstars have suffered defeats to come out on top. It hurts, you see the boys, the manager. We wanted to be in Munich but this doesn't define us and we'll be back."
Image source, Getty ImagesArsenal boss Mikel Arteta, speaking to TNT Sports: "First, congratulations to PSG for reaching the final. The assessment I will make when I am a little cooler.
"When you look at the two games their best player on the pitch has been the goalkeeper, he has been the difference for them in the tie. We were very close, much closer than the result showed but unfortunately we are out. I am very proud of the players.
"After 20 minutes it should have been 3-0. There is something extra you need to go your way in the competition and it didn't. We were very close and for long periods of both games we were much better than them but we are not there and that has to hurt.
"If we want to win this competition we have to realise that there are certain things that are on us. You shouldn't just be understanding we are out. That is not the way I look at it.
"100% I don't think there's been a better team [than Arsenal] in the competition from what I have seen, but we are out. This competition is about the boxes and in both boxes are the strikers and the goalkeepers and their's was the best in both games.
"I am so proud of the players. They deserve a lot of credit for what they are doing in the context of the situation and the amount of injuries, probably the worst state you could arrive here as a team. To come here with a different context and still do that, it gives me a lot of positives for the future but tonight I am very upset."
