Earlier in the transfer window Arsenal made noise about splashing the cash, after years of parsimony and a lack of trophies, but so far have signed just one player this summer on a free transfer.
Below, you will find a timeline of Arsene Wenger's comments during the transfer window, as well as keys signings made in that time by other clubs.
But before, take a look at this team Arsenal potentially could have fielded had they been decisive with spending their cash reserves this summer…
Transfer timeline: who's been signed and what Wenger's said
July 1 Transfer window officially opens, Liverpool have signed four players, Man City have spent £45 million on two players and Chelsea have bought Schurrle for £18 milion.
Arsenal also start their business early, as Wenger comments on his free transfer: "Sanogo is a good young signing for us."
July 7 Tottenham spend £17 million on Paulinho
July 8 Arsenal target David Villa signs for Atletico Madrid for £4.5m
July 11 Southampton buy reported Arsenal target Victor Wanyama for £12.5 million
July 12 Wenger says: “We will see what we can do until the end of the transfer period and certainly before the new season starts. That’s what we are working on at the moment. For years we were out of the race for the top-level transfers but we are coming back now because we are in a better financial situation and also because of Financial Fair Play."
July 18 Wenger says: "Rooney is under contract and has two years to go so it's United who make the decision. But we would not have a problem with the wages of Rooney."
July 19 Arsenal targets Stevan Jovetic and Alvaro Negredo both sign for Manchester City
July 26 Spurs buy winger Nacer Chadli for an undisclosed fee (rumoured to be in the region of £7m)
July 27 Napoli sign Arsenal target Gonzalo Higuain for £34.5m
Wenger says: "We are ready to do quick deals but all the transfers do not depend only on us. But we are prepared to wait. We are not close to signing Suarez or anybody else."
“In midfield you have plenty of candidates– there’s a big fight in midfield. Sagna has settled in well as a centre-back. We have a strong squad. We are there on the market trying to strengthen our team.”
August 3 Wenger says: “I wouldn’t like to talk openly about negotiations. There is one month in front of us and we’ll work very hard to strengthen our squad.
August 5 Tottenham sign Roberto Soldado for £26 million
Wenger says: “Let’s count on what is here first of all and if we can add something, we will do."
August 11 Wenger says: "I am an optimist. This is the first time for many years that we have kept all our important players at the club."
August 12 Wenger says: “We are in the transfer market and we try still to strengthen our squad.”
August 15 Spurs buy rumoured Arsenal target Etienne Capoue for £9 million
August 16 Wenger says: "We are active – we are in a situation like Manchester United, like Chelsea, where everybody expects signings and at the moment not a lot has happened. There are 18 days to go, so that is a long time in the transfer market and we will be active. I cannot certify what the number [of players coming in will be], but we will be active until the end, that is for sure."
August 17 Wenger says: "That's what I just want to convince you of, that we are in the market, everybody knows that we are ready to buy players."
August 18 Wenger says: "We are there to spend money. People say: 'Buy players, buy players, buy players'. But who? We analyse every single player in the world and work 24 hours a day for that."
“Even if you go on the Eiffel Tower and you throw the money away, you have to play with the players you have.”
August 20 Willian reportedly arrives in London for a medical at Tottenham
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