That’s according to BBC Sport expert David Ornstein.
The Gunners have one final shot of securing Champions League football for next season when they take on the Blues in Azerbaijan’s capital of Baku two weeks today.
Arsenal missed out on making sure of a spot in Europe’s premier competition via the league by finishing fifth in the Premier League, a single point off rivals Tottenham.
But having missed out on the Champions League in the last two seasons, they will qualify directly for the group stages of the tournament next season if they overcome Maurizio Sarri’s Chelsea – who finished third in the English top flight.
That would have a huge impact on Unai Emery’s hopes of luring a higher calibre of players as he looks to build on his first year in charge at the Emirates.
But Ornstein insists it wouldn’t just have an impact on the quality of player they could attract, but also the number of players – given it would “significantly” extend their budget.
Emery spent around £70million on signings in his first summer but it is anticipated he will have little over half of that figure this summer unless Arsenal return to the Champions League.
Ornstein told BBC Radio 5 Live Sport: “I don’t think it will be the most spectacular summer for Arsenal but they do have some very important business to be done.
“It all depends on their budget really.
“If they are playing Europa League football next season looks like it will be around £40m. If it’s Champions League football it will be significantly higher.
“They also have revenue streams coming on board with their [£65m-per-year] Adidas kit deal.
“If it’s the Europa League you’ve got to remember it’ll be their third year in that competition.
“They’ve also heavily invested over the last year or so especially in the striking department and they are adamant they will not break Financial Fair Play.”
Arsenal’s summer spending could be aided by departures, which could further swell Emery’s available finances.
Among them should be attacking midfielder Mesut Ozil, according to club legend Emmanuel Petit, with the World Cup winner having long divided opinion among fans and pundits alike.
Petit told Paddy Power: “There are so many players at Arsenal who need to leave the club this summer. It’s been too long since we’ve seen them compete for the title, and the only way they’ll do it is with an improved squad.
“They must continue with Emery, he is not the issue. The fact he reached a European final is big, as is the fact he’s done it with most of the players who are leftovers from the management of Arsene Wenger.
“The board just need to give him the power; he can’t continue next season with the same group of players.
“For example, what is going on with Mesut Ozil? He looks like a dead player on the pitch, a ghost. He’s lost in translation. It’s time now for Emery to turn the page.”