Arsenal's executive team will waive more than a third of their salaries over the next 12 months in response to the ongoing coronavirus crisis.
The Gunners also said all other employees are to be paid in full, and the club will not be using the government's job retention scheme.
Private discussions have taken place with the players "around the potential financial challenges ahead".
Negotiations on wage cuts are taking place on a club-by-club basis.
The decision came after talks aimed at a collective pay deal broke down without resolution.
The Premier League proposed a 30% pay cut, but the Professional Footballers' Association says that would affect tax contributions to the NHS.
Arsenal say this is "one of the most challenging periods in our near 134-year history" adding: "The potential financial impact is significant so we must be responsible and act now to best protect Arsenal from what might happen in the months ahead."
Gunners fans will receive credits or refunds if matches are played behind closed doors or are cancelled entirely, while casual workers will be paid for the remaining four home matches, and again should the games be rearranged.
English football has been stopped indefinitely because of the global pandemic with no date scheduled for its return.