Real are gunna try to get Kaka, Cannavaro, Robben, Fabregas, Nistelrooy, Ronaldo, Heinze, Kerlon and Ribbery. Cannavoro should be unveiled later this week.
Doesn't matter that they're in debt, new president in charge he'll want to splash out a lot! Also they funded by the Spanish Royality be it secretly or not. Also During Barcelona's transformation season a few year back they had like £300M debt and still spent loads and got a new swish jet for the team... look at em now.
Wenger's been in contact with Buffon loads, I doubt he'll stay in Italy. I think its between Arsenal and Barca, Barca haven't really shown any interest though... not in many players infact.