Liverpool's transfer dealings suggest they could be far more of a threat than we imagined at the end of the previous campaign.
As last season drew to a close, two things were clear in my mind. The first was that Arsenal’s next Premier League campaign would be a good one, and the second was that Liverpool were destined for more of the same.
With Arsenal the only one of the top four to keep hold of their manager, and having tied their talent to long-term contracts with no fear of the usual summer departures, it seemed the Gunners were set for a season in which they could realistically challenge for a trophy or two.
Liverpool on the other hand looked no closer to reclaiming a Champions League place – and certainly not if Luis Suarez decided to satisfy his appetite elsewhere.
And then something strange started happening. While Arsenal were linked with this player and that, Brendan Rodgers began spending.
Actually, he started by bagging a freebie in Kolo Toure. But he then moved for Sevilla’s supremely gifted Luis Alberto and agreed a fee with Sunderland for goalkeeper Simon Mignolet.
Plus there are the almost-certain arrivals of Iago Aspas and Henrikh Mkhitaryan, and the rumours that both Christian Atsu and Tiago Ilori will follow.
That is a lot of summer spending…and potentially all in good time for the players to settle before the new season gets underway.
The Reds may have finished last season in seventh. But the way they have gone about their summer business, there is little doubt they will end their next campaign significantly higher.
Arsenal fans will state that the transfer window isn’t even open yet; that Gonzalo Higuain is all but secured and Wayne Rooney may follow.
But the truth is while the Reds have been getting on with it, Arsene Wenger already looks to have missed out on two reported targets in Maxime Gonalons and Etienne Capoue, the former set to remain at Lyon and the latter said to be in negotiations with Monaco.
Following Manchester City’s signings of Jesus Navas and Fernandhino, and with both Chelsea and Manchester United sure to bring in new faces this summer, Arsenal must ensure their summer spending is both smart and considerable.
Otherwise they may not only fall further behind last season’s top three, they may also be looking over their shoulder at a Liverpool side seemingly hell-bent on repeating former glories, building a team as much for the present as for the future.
Are Arsenal fans worried that Liverpool could finish above them next season? And how far do Liverpool fans think their new and potential signings can take them?