The French manager wants to sign at least two world-class players in the summer, but he first need to release some of the funds in the wage budget.
Wenger believes he can save as much as £23 million per year in wages by getting rid of seven first team players.
Keeper Manuel Almunia is set to leave the club when his contract expires at the end of the season, whereas Marouane Chamakh and Sebastian Squillaci could also follow the Spaniard out of the door.
Andrei Arshavin, Nicklas Bendtner, Carlos Vela and Denilson, who are currently on loan, will also be allowed to leave.
Besides signing two high-profile footballers, Wenger is desperate to tie Robin van Persie to a new long-term contract and the Gunners are expected to offer the Dutchman £120,000 per week.