Arsenal have remained as the eighth most expensive team in the 'Big 5' leagues, according to the Football Observatory's latest league table.
Mikel Arteta's side underperformed in the Premier League last season, and the Gunners missed out on European football for the first time in a quarter of a century.
And the Spaniard has responded by attempting to rebuild his squad over the summer.
And that spending has kept Arteta's side in the top ten most expensive sides in football.
Manchester City and Manchester United continue to battle for the top spot as Tottenham have snuck into the top ten.
Arteta spent heavily to try and launch an assault for the European spots this season.
Ben White (£52m), Martin Odegaard (£31m), Aaron Ramsdale (£25m), Takehiro Tomiyasu (£16m), Albert Sambi Lokonga (£15m), and Nuno Taraves (£7m) have all arrived in North London.
And Arsenal's summer spending of £149million has boosted the value of their squad up to €630million – €579million without add ons – which is higher than Barcelona's current estimation.
However, despite their spending, Arsenal have had a torrid start to the season, and they currently find themselves rock bottom of the Premier League.
Are you surprised by Arsenal's position? Let us know in the comments section
City and United are battling it out for the top spot of the most expensive squad list.
The Manchester sides are the only two sides to have their squad valued at over a billion.
The blue half of Manchester are top with a valuation of €1080, €1020 without add ons, while United have closed the gap after a busy summer for the Red Devils.
Cristiano Ronaldo, Raphael Varane, and Jadon Sancho all arrived at Old Trafford to boost their valuation to €1023.
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PSG are ranked in third place, and like United, the Parisians have been busy over the summer.
Lionel Messi was their headline-grabbing purchase, but Sergio Ramos, Gianluigi Donnarumma, and Achraf Hakimi all arrived to take their valuation to €939.
The first sizeable gap then appears to Real Madrid, who failed in their pursuit of Kylian Mbappe.
However, Los Blancos were able to secure the services of Eduardo Camavinga – and their valuation is €787.
Liverpool and Chelsea are 5th and 6th, while Tottenham are the only other English side in the top ten as they prop up the back.
Despite all their financial troubles, Barcelona are included in the top ten as they sit in 9th.
Top 10 most valuable sides
1 – Manchester City – €1080
2 – Manchester United – €1023
3 – PSG – €939
4 – Real Madrid – €787
5 – Liverpool – €780
6 – Chelsea – €672
7 – Juventus – €657
8 – Arsenal – €630
9 – Barcelona – €578
10 – Tottenham – €551
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