After the departures of stars Robin van Persie and Alex Song, Wenger was expected to attempt to restructure his side.
But, after three early-summer signings, the Frenchman didn't make any new additions. And although the team has looked really good so far, there are gaps still to fill.
Arsenal were linked to many players over the summer, and many rumours fell through.
Here are five deals that the Gunners should have wrapped up.
Obviously, not all five of these players should have came to Arsenal, for money, or also because buying all five could leave Arsene with a slight surplus. These are just players that Arsenal should have purchased. However, two or three out of the five is probably most realistic.
Those who have stayed at the same club over the summer could also move to London in the January window.
The imposing Newcastle midfielder was linked to Arsenal after the departure of former holding midfielder Alex Song, who moved to Barcelona.
Tiote is not much of a goal-scorer, but he passes accurately and has set up Newcastle for many goals ever since he arrived there from Twente in 2010. The Big Ivorian has been a critical piece of the Toon's recent surge to the top of the Premier League.
Despite a few too many bad challenges—25 yellow cards from his first 50 matches with the club—Tiote has been a great addition.
Although Abou Diaby has been more than solid in his three matches this season, the Frenchman is as close to a human injury as possible. Diaby has also recently stated that would prefer to move forward a lot this season.
Tiote is a little more steady in the defensive role and could also be useful coming forward. Soon, Cheick will be one of World Football's premier defensive midfielders, and Arsenal will be upset to have missed out on him last summer.
With Bacary Sagna set to resume training in two weeks, it seems as if the solid French right-back should be back in first-team action soon. However, he is coming off two rather serious leg breaks in 2011-12. Arsenal should probably be rather careful with Sagna.
Carl Jenkinson, who was purchased from Charlton Athletic just last summer, and is only 20 years old, has been rather impressive in three league matches to date. However, it may not be the best idea to thrust the Finn into the first XI so quickly.
The speedy Dutchman only cost PSG approximately £4.7 million (not a huge fee), and would have been a good additon to the Arsenal.
With Sagna possibly out and Jenkinson (or potentially Johan Djourou and Laurent Koscielny), as a question mark at the position, it would have been nice for Wenger and Steve Bould to have a solid player at right-back.
He is not a world-class talent and he is relatively cheap. After easing Sagan back into the XI, van der Wiel could be a deputy right-back and potentially play a little in the midlfield, since attack is truly his strong suit.
After the departure of Robin van Persie to Manchester United, Arsenal were in the market for a replacement striker.
After Roberto Mancini and the rest of Manchester City made up with Carlos Tevez, Edin Dzeko became expendable.
It seemed like a perfect fit.
The Guardian linked the Bosnia-Herzogovina international with a move to the Emirates in late August, but a deal never came through.
Dzeko was a goal-scoring machine in his time at Wolfsburg in the Bundesliga, scoring 66 times in 111 appearances. However, since signing on for Man City in a big-money deal in January 2011, he has been a bit of a disappointment.
With Argentine duo Tevez and Sergio Aguero and "Super Mario" Balotelli on board, Dzeko has been relegated to a substitute role.
Seeing how Olivier Giroud has had trouble adjusting to the pace of the Premier League, Dzeko may have made a better marksman up top for the Gunners.
Arsenal are in need of an aerial threat (which Giroud was expected to provide), but Dzeko would have done a better job. Also, this deal would have made Marouane Chamakh expendable because Giroud would have been moved to the bench.
If the ex-Monteplier man doesn't get better by January, Arsenal should try whole-heartedly to acquire Dzeko.
For quite some time, it was expected than Jan Vertonghen would join Belgium teammate Thomas Vermaelen at Arsenal.
However, after much flip-flopping, Vertonghen joined the Gunners' sworn enemy, Tottenham Hotspur.
The ex-Ajax star was bought for a fee believed to be around £ nine million.
Arsenal already have three quality centre-halves. However, if they moved for Vertonghen, they could make him into a deputy; or Vermaelen could shift to the role of left-back and Mertesacker would pair with Vertonghen in the middle.
As previously mentioned, Arsenal lack an aerial threat; and, along with a powerful strike, the Belgian provides exactly that.
He scored 10 times last season, a stunningly high total for a defender.
He and Vermaelen already have formed great chemistry, and many of the great teams of the past decade have had a foundation of a particular unit anchored by two compatriots.
Jan is also one of the more versatile players. Along with center-back, he can also play on at left-back or even in the midfield.
Younes Belhanda, one of the top players on Ligue 1 last season was briefly linked with a move to Arsenal before signing an extension with Ligue 1 champions Montpelier.
The Morocco international is exactly what the Gunners lack—a creative midfiedler unafraid to take one or two long shots.
Although Santi Cazorla somewhat provides it, Arsenal lacks a player who can make plays by himself, taking on defenders and playing incisive passes.
Although Arsenal possesses tons of talent and depth on the wings, many can play as strikers or aren't complete players. Belhanda also prefers to play more towards the middle than a Theo Walcott or Gervinho.
As mentioned, both Diaby and Cazorla have been brilliant in the early going for Arsenal, so this move could be an either/or with the purchase of Cheick Tiote (see slide 2).
If Belhanda ever desires a move away from Ligue 1, Arsenal should be prime suitors.