The arrival of Petr Cech, back-to-back FA Cups and the ability to compete against the big clubs both on and off the football pitch should be a cause for optimism in north London.
However, despite these obvious strides forward, can Arsenal fans expect much better in the coming campaign?
A consensus among the Arsenal faithful and pundits alike believe that a top-class striker and extra muscle in midfield is required; but can we expect Arsene Wenger to bow to fan and media pressure and strengthen in this area?
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The simple answer is no.
The same two areas were desperately in need of bolstering at the beginning of the last campaign with the likes of Mikel Arteta and Mathieu Flamini proving incapable of shielding the defence on numerous occasions.
Both players remained very much in Wenger's first-team plans. This is the polar opposite of Francis Coquelin whom found himself on loan at Championship club Charlton Athletic with little hope of pulling of an Arsenal shirt again.
History tells us that Wenger will look to develop players internally for these perceived vacancies. Theo Walcott was used as an out-and-out striker in the FA Cup final and one would assume the England international will provide the biggest competition for Olivier Giroud's previously rock-solid place in the starting XI.
The aforementioned Arteta recently signing a 12 month contract extension and Flamini has a year still to run on his current deal. Both were taken on Arsenal's pre-season tour of Asia so it is clear they remain in Wenger's plans.
If they are then it is quite possible that we have seen the end of Arsenal's summer spending?
The end of spending
One would assume Wenger has a trick up his sleeve, with Walcott moving into a more central role a vacancy will open up for a right-winger.
Tentative links to Bayern Munich's Mario Gotze and Barcelona's Pedro have emerged and, while a deal for either of those is unlikely, the right-wing role seems the most likely area we will see transfer movement.
Finally, a word of advice for those Arsenal punters following transfer links to Gonzalo Higuain and Arturo Vidal. Take a deep breath and calm their enthusiasm. You can't teach an old dog new tricks.