So far the Gunners have only signed one player this summer - and he cost absolutely nothing.
The beginning of the summer brought with it hopes of big money signings - and the idea of the Gunners finally letting their hair down and treating themselves for once.
But that has not been the case - as while Arsenal appear to have all the ammo, they do not have the lethal force to administer it.
So far the only arrival is Yaya Sanogo. The French under-20 international looks every bit an exciting prospect and any disappointment in regards to the clubs incoming transfers should be tempered by his arrival.
A tall and strong striker, he impressed at the recent World Under-20 Championships - helping to lead France to glory against Uruguay in the final.
Will he be a part of the first team fixture however - that depends largely on the next section.
Ones that got away and those to come
Most of the summer the search has been for a big-name striker, ever since the club claimed they could and would sign Wayne Rooney in their current financial situation.
The pressure has been on the club in recent seasons to spend big in pursuit of elusive silverware.
This summer they have been prepared to do so - but are clearly not very good at it.
But so far they have failed to meet his asking price - and Liverpool now want a rumoured £55 million for the sensational striker.
Other positions of interest have been goalkeeper, central defender and holding midfielder.
Julio Cesar remains linked with the club, while Rui Patricio of Sporting Lisbon is an outside bet. Although rumours are now mounting, that The Gunners may stick with Wojciech Szczesny for the foreseeable future.
At centre back the club has been linked with Ashley Williams of Swansea City - but his hefty price-tag appears to be a worry.
As for holding midfield - plenty of names continue to be linked but nothing concrete.
Arsenal do however have a ‘warchest’ full of cash to splash - so expect movement in the next 30 days or so.
Those who have left
While Arsenal have not been ruthless in the incoming of players - they have been when it comes to getting rid of them this summer.
No fewer than 23 players have been let go from the club this summer - with only Vito Mannone bringing in a transfer fee and three going out on loan deals.
The rest have been released, or let go for nothing - and the cull won’t stop there. Nicklas Bendtner, Park Chu-Young, Gervinho, Maraoune Chamakh and Emmanuel Frimpong are all also being linked with departures.
In terms of players they don’t want to leave, the only worries are over Bacary Sagna and Santi Cazorla. Both have seen their futures questioned in recent weeks and months - but both also recently intimated a desire to stay at the club.
Grade so far: D
Arsenal would certainly be given a ‘good effort’ smiley in the bottom corner of their report card. However they have so far failed to turn their hard work into good results.
image: © jikatu