Up front, Watford striker Odion Ighalo and Borussia Dortmund hitman Pierre-Emerick Aubameyang are targets, although Aubameyang may prove out of reach at £60m.
Wenger also wants a new centre-back and is a fan of Everton hotshot John Stones. The 66-year-old boss is aware his two senior options, Laurent Koscielny and Per Mertesacker, are both over 30 knows he has to strengthen that area.
Left-back Gibbs is the surprise name who could be moved on, with Mathieu Debuchy also on his way out.
Mathieu Flamini, Mikel Arteta and Tomas Rosicky are all likely to leave when their contracts expire this summer.
Further down the line contract talks will need sorting for Santi Cazorla, Alex Oxlade-Chamberlain, Aaron Ramsey, Jack Wilshere and Mertesacker who are also out of deals in 2017 or 2018.
But while Wenger plans for the future, Arsenal hero Paul Merson has insisted he must be sacked if either of Leicester or Tottenham win the league.
"If Man City don't win the league and Tottenham or Leicester do then Arsene Wenger has to go," Merson told Sky Sports.
"If you're sitting there telling those fans - loyal Arsenal fans - that they don't need any new players at the start of the season and then you don't win the league in front of Leicester or Tottenham then I don't see how you can justify it.
"If Man City win the league he can turn around and say 'they've got all the money in the world and can go and buy whoever they want, so would whoever I bought have made much difference?'
"But if Leicester or Tottenham win the league after he said they didn't need any players then I don't see how he can keep his job."
Arsene Wenger is already planning some big changes for next season
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