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"In line with other football clubs and many other businesses operating in the sport, leisure and entertainment arena, we have been impacted directly by Covid-19," read a statement on the club’s official website.
"Our main sources of income have all reduced significantly. Revenue from broadcasters, matchday and commercial activities have all been hit severely and these impacts will continue into at least the forthcoming 2020/21 season.
"The pandemic represents one of the most challenging periods in our 134-year history and we have responded promptly by implementing wide-ranging measures to reduce our costs.
"Our players, senior football staff and executive team have volunteered pay cuts, we have stopped pretty much all of our capital spending, and our discretionary operating expenditure has been strictly controlled.
"Our aim has been to protect the jobs and base salaries of our people for as long as we possibly can.
"Unfortunately, we have now come to the point where we are proposing 55 redundancies.
"We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point. We are now entering the required 30-day consultation period on these proposals."
Arsenal have said that they will be continue to strengthen their squad despite the north London club's plans to make redundancies.
It continued: "We have also received significant financial support from our owners, Kroenke, Sports & Entertainment in terms of refinancing our stadium debt.
These steps have all reduced the impact of the pandemic on the club and have helped us continue to maintain investment in the team. This will continue to be a key priority.
It is heavily rumoured that one of those who will be leaving his post is Spanish scout Francis Cagigao, who has been affiliated with the club for two decades. Cagigao has been key in bringing several talents to the club, including former captain Cesc Fabregas and current stars Hector Bellerin and Gabriel Martinelli.