The Gunners ended their nine-year trophy drought with the 3-2 FA Cup final win over Hull City in May, and the club have built from there with a number of big signings. Barcelona forward Alexis Sanchez joined the club in a blockbuster £32m deal, and the Chilean was followed to North London by Nice goalkeeper David Ospina and right backs Debuchy and Chambers from Newcastle and Southampton.
Debuchy, 29, arrived in a £12m deal from the Magpies as the immediate for his compatriot and international team mate Bacary Sagna, whilst Chambers, a £16m capture, is just 19-years-old and is viewed as one of the brightest young English prospects in the Premier League.
With a nice balance of experience and potential at right back, it seems that the Gunners are well set at right back - only for speculation to suggest that the club are lining up a swoop to sign Arbeloa.
The 31-year-old right back joined Liverpool from Deportivo La Coruna in 2007, and went on to make almost 100 appearances for the Reds before his 2009 back to his first club, Real Madrid. Whilst far from a key player at the Bernabeu, Arbeloa has been a solid defender for Real, making almost 200 appearances in an understated role.
Whilst he could certainly leave the club this summer with the younger Dani Carvajal pushing for a more regular spot in the starting XI, but a move to Arsenal certainly seems unlikely despite speculation of a potential deal.
Signing a third right back this summer would certainly be overkill for Arsenal, and having Chambers - a player who featured prominently in the Premier League last season - as a backup to Debuchy is perfectly fine before he develops into the long-term starter, leaving Arbeloa redundant as a second or third choice.
Arsenal should instead be looking to spend their money on a centre back, defensive midfield and striker rather than continue to look at their right back situation - even with Carl Jenkinson now on loan at West Ham United.
There have even been suggestions that Arbeloa could play as a centre back, but with his limited experience there, Arsenal should be looking to sign a more natural option in the heart of their defence.