Meanwhile, newly crowned Premier League champions Arsenal are also planning squad reinforcements following their first top-flight title win in 22 years, ahead of their Champions League final against Paris Saint-Germain.
"We think we have a chance here to dominate," said co-chair Josh Kroenke.
Kroenke stated the club intends to keep investing because rival teams will inevitably improve.
"We have very strong foundations in place to continue to build and try to sustain," he said.
"So, we're going to look to strengthen because we know that teams around us are going to get better."
Kroenke also confirmed that extending manager Mikel Arteta's contract is the club's utmost priority.
Arsenal forward Kai Havertz expressed confidence ahead of the European final, pointing to their earlier EFL Cup final defeat against Manchester City as a turning point.
Elsewhere in the league, Liverpool defender Ibrahima Konate is set to leave after failing to agree on a new deal, despite expressing a desire to stay just last month.
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Tottenham is also close to completing a deal for free agent left-back Andy Robertson, who confirmed he nearly moved to North London in January.
