The Star revealed that The Emirates club, when negotiating new deals this season and last, asked stars to agree to the reduction in wages.
While some successfully refused, it is believed there are squad members who signed up for the clause, with the club believed to have argued it was unlikely to come into effect.
Making it into Europe's top club competition is worth a minimum £35m, but the Gunners look in a battle with Everton to secure fourth place this season.
The north London club have gained a reputation for being cautious with their money and this latest twists shows how they have been preparing for life outside of the Champions League.
It would also send a message to other clubs, like Manchester United who have certainly missed out on Champions League football and are not even guaranteed a Europa League place yet. They too might be looking at the cost of missing Champions League football which is put at a minimum of £50 million if clubs qualify for the last 16.
With Arsenal at Hull City on Sunday and Everton away at Old Trafford on the same day, the picture will be clearer after both games.