They are not done reshaping their roster though. The Gunners are eyeing other players who can help improve the team's 21-10-7 mark from the previous year.
With some of their own talent, most notably striker Nicklas Bendtner drawing interest from other clubs, Arsenal is targeting the following players to help stay near the top of the Premier League in 2012.
After landing Giroud, the Gunners have now placed their sights on Yann M'Vila.
The Daily Star reported that the young midfielder expressed his interest in leaving Rennes to join the Gunners.
Signing M'Vila would give Arsenal a gifted defender and passer who has still has plenty of room for growth.
However, according to Jamie Sanderson of Metro, Arsenal is reconsidering their interest in M'Vila due to disciplinary issues. The 21-year-old has been arrested three times and engaged in a "spat" with French coach Laurent Blanc during Euro 2012.
M'Vila's vast potential could make him a worthwhile investment despite the maturity issues, which he can hopefully put in the past.
Preparing to lose Robin van Persie, the Gunners have lined up forward Adrian Lopez as a possible replacement.
Lopez, who scored 11 goals last year for Madrid, would gel perfectly in Arsene Wenger's attack and fuel the Gunners with some much needed offensive ammunition if van Persie signs elsewhere.
Bringing in the young Spaniard would boost Arsenal's scoring prowess going forward.
Hatem Ben Arfa is in the same boat as M'Vila. The young Frenchman possess all the talent to succeed, but discipline issues could scare teams away.
Apparently, France's squad did more arguing than playing in Euro 2012. Ben Arfa also quarreled with Blanc after being benched during their loss to Sweden.
Frustrated with the substitution, Ben Arfa called out his teammates and advised the coach to send him home.
Nevertheless, the 25-year old captured Arsenal's attention by posting seven goals and seven assists with Newcastle last season.
Dennis Henry of Sports World Report wrote that Arsenal is interested in grabbing Ben Arfa, whose exciting style of play has won over Wegner.
After carrying Anderlecht to two consecutive Belgian titles, Lucas Biglia is ready to take his game to the Premier League.
The Argentine midfielder discussed parting ways with his current club to join the Gunners, according to Sky Sports.
Although Biglia still has three years remaining on his contract, a lucrative bid from Arsenal could persuade Andrelecht to accept a buyout.
The 26-year-old could rise to the challenge of heightened competition and prove himself on a grand stage. If Arsenal passes on M'Vila, signing Biglia is a sensible alternative.
The Gunners would love to strip Sunderland of their star player, Stephane Sessegnon, but the feeling is not mutual.
People confirmed Arsenal's interest in the 28-year-old midfielder, whose presence would provide the squad with a major playmaker.
Unfortunately for Arsenal, Sunderland is desperate to keep the face of their franchise, and Sessegnon wants to stay.
Everyone has their price though, and Arsenal has the financial capability to find their price.