If the story is true and Cesc really is off then that's another 35million wiped off the debt.
I'd be extremely surprised if Arsene spends any of the money recouped from Cesc on the squad. Wilshire & Ramsey will replace Cesc, Rosicky & Diaby can also do a job there (in Arsene's eyes).
The squad is pretty much set for this season (in Arsene's eyes) IMHO. I think his last piece of work is trying to convince Nasri to sign the contract.