Arsenal's exit from the Champions League last 16 for the fifth consecutive season on Tuesday has once again exposed the limitations of Arsene Wenger's unbalanced squad. The Gunners came close to making Champions League history by becoming the first team to reverse a two-goal deficit from home but fell just short in their 2-0 victory at the Stade Louis II. Here, Sportsmail identifies nine players in three key areas - goalkeeper, defensive midfielder and centre forward - that could transform the north London side from fading challengers to serious title contenders... Danny Welbeck helps Santi Cazorla off the ground after Arsenal crashed out of the Champions League . Arsene Wenger needs to spend in the summer to address shortcomings in several key areas . Read how Arsene Wenger has gone almost two decades in the Champions League without winning the prize with Arsenal . GOALKEEPERS . PETR CECH . Chelsea . Cost: £20m . Jose Mourinho says it will cost 'huge money' for Cech who at 32 is still reliable and a calming influence. The £20m price tag is too high and you get the impression for any other club Cech would cost less. The figures and Cech's age will act as a deterrent for the normally cash-conscious Arsene Wenger. However, if Cech's experience prevented Champions League quarter-final, first-leg displays such as the one against Monaco it's a deal worth considering. Petr Cech has a cut a disconsolate figure after losing his place to Thibaut Courtois this season . Chelsea boss Jose Mourinho says second choice Cech will only leave Stamford Bridge for 'huge money' BERND LENO . Bayer Leverkusen . Cost: £12m . Arsenal have a keen interest in the 23-year-old German Under 21 international. He already has good experience despite his age, having made his Champions League debut against Chelsea in 2011 at 19. Arsenal scouts watching his team-mate Lars Bender have been impressed and Leno is interested in a move. His contract runs to 2018 but he said: 'The foreign option is certainly appealing. A new language, a new culture - that I could definitely even imagine.' Bayer Leverkusen stopper Bernd Leno has impressed Arsenal scouts and is open to a move abroad . MATTIA PERIN . Genoa . Cost: £16m . Arsenal have pondered the experience of Real Madrid's Iker Casillas, the promise of Mainz's Loris Karius but Mattia Perin at Genoa keeps cropping up on their scouting lists. He is 22 and tipped to become the new Gianluigi Buffon but Arsenal have watched him for three years now. Liverpool have also considered him as have Inter Milan. Another option with Premier League experience and at a similar price who has been discussed is Asmir Begovic of Stoke City. Mattia Perin has been tipped to become 'the next Gianluigi Buffon' and is also wanted by Liverpool . DEFENSIVE MIDFIELDERS . LARS BENDER . Bayer Leverkusen . Cost: £22m . Arsenal have considered moves for Bender over the past few seasons and his injury record plus Leverkusen's reluctance to deal has stalled discussions. This season has been one of his best however and he is back in their thinking. Only problem is he is now also on the lists of Manchester United and Barcelona, who want him when their transfer ban is lifted next January. A stylish and strong player who could add much-needed discipline to the squad. Germany midfielder Lars Bender has been a long-term target but Bayer Leverkusen are reluctant to sell . MORGAN SCHNEIDERLIN . Southampton . Cost: £30m . The favoured choice of Arsene Wenger, Schneiderlin is expected to be the subject of an early summer bid from Arsenal. Southampton want him to stay but have already earmarked certain players to replace him should he go. Tottenham, Manchester United and Liverpool have also looked at the 25-year-old France international, who is one of the league's best midfielders. Mauricio Pochettino could prove an obstacle but Champions League qualification may be the key. Arsenal are expected to resume their chase for Southampton holding midfielder Morgan Schneiderlin (left) The France international has emerged as one of the Premier League's best midfielders in recent seasons . JAMES McCARTHY . Everton . Cost: £30m . Everton do not wish to sell but McCarthy is a player Arsenal like a lot. Tottenham's head of recruitment Paul Mitchell also has the Republic of Ireland international high on his wishlist and the north London neighbours will test Everton's resolve as they formalise summer plans. McCarthy is still only 24 but has plenty of experience at domestic and international level. Highly regarded by his team-mates and coaches alike, he can also play a more advanced role if required. James McCarthy is an unexpected name who could shore up the centre of Arsenal's midfield . CENTRE FORWARDS . MARIO MANDZUKIC . Atletico Madrid . Cost: £20m . Aggressive, skilful and a goalscorer. Mandzukic is a handful on and off the pitch but he would give Arsenal the edge they lack. He fell out with Pep Guardiola at Bayern Munich and his relationship with Diego Simeone is now said to be strained. His representatives have already sounded out Premier League clubs and he seems intent on a move to England. Wenger wanted him last summer but the Croat was keen to replace Diego Costa at Atletico. Mario Mandzukic (left), being replaced by Fernando Torres, has fallen out of favour at Atletico Madrid . ALEXANDRE LACAZETTE . Lyon . Cost: £25m . Cash-strapped Lyon are doing their best to hike up the price of their star striker and he seems intent on leaving with Manchester City and Liverpool also among clubs to have checked on him this season. He has 26 goals in 28 games despite a run of just two in his last four. Still only 23, Lacazette can play off either wing and act as a foil to a big target man. Fits Arsenal's style and life with Wenger would be a big pull for the ambitious Frenchman. The 23-year-old Lyon forward Alexandre Lacazette has scored 26 goals in 28 games this season . EDINSON CAVANI . Paris Saint-Germain . Cost: £35m . Cavani has been looking for a move away from Paris for the past year. His representatives held talks with Manchester United last year and he was keen to join prior to David Moyes departing. He split from his agent and is now looked after by his brother. All the Premier League big guns have been contacted and Arsenal are interested although the cost and wages would be high. Other options exist such as Palermo's Paulo Dybala but he is keen to stay in Italy. PSG striker Edinson Cavani would bring goals but comes with high wages and an expensive price tag . The Uruguay striker was part of the PSG side that sent Chelsea out of the Champions League .
Arsenal dumped out of Champions League last 16 for fifth year in a row . Gunners defeated Monaco 2-0 but went out to Ligue 1 side on away goals . Arsene Wenger needs to address three key areas in his unbalanced squad . Peter Cech, Bernd Leno, Mattia Perin are among the goalkeepers . Morgan Schneiderlin, James McCarthy and Lars Bender are midfielders . Edinson Cavani, Mario Mandzukic and Alexandre Lacazette can add goals . Picture Special: Arsenal's Champions League woes under Wenger . CLICK HERE for all the latest Arsenal news .