All three players have been heavily linked with a move to the Emirates Stadium this summer as Arsene Wenger prepares to splash the cash, but who would have the greatest impact?
Arsenal look set to spend the cash required to turn them from mere top-four contenders into title challengers, with Gonzalo Higuain, Marouane Fellaini and Wayne Rooney all on the club's radar.
Goal revealed earlier this month that the Gunners would activate the release clause in Fellaini's Everton contract, while a striker – either Real Madrid's Higuain or Manchester United's Rooney – is seen as a top priority.
Former Arsenal midfielder Ray Parlour has urged Arsene Wenger to spend big in an effort to catch up with the Manchester clubs, and says Rooney would be a “fantastic signing” while Fellaini could have as great an impact as Patrick Vieira.
But which player do Arsenal need most, who can transform the club into genuine title challengers? Which player is best suited to helping the Gunners end their ever-extending trophy drought?
HAVE YOUR SAY
What do you think? Do Arsenal need the height and physicality of Fellaini most, or should they prioritise signing a striker capable of scoring over 20 league goals a season?
Do the Gunners need strength in midfield, or firepower up front? Should they target second striker Rooney, who meanders deep, or bring in fox-in-the-box Higuain?
Let us know your thoughts by voting in our poll and leaving your comments below. You can also get in touch via our Facebook and Twitter pages.