Despite the continuous rumours throughout various transfer windows, the Gunners have rarely made a big-name transfer. Instead, they've let quite a few big-name players leave the club.
However, Arsenal chairman Peter Hill-Wood recently stated the club is in a position to spend big on transfers (via Sky Sports).
Gooners everywhere will be hoping that's the case and that some of the players on this list could be targeted.
Here are the five biggest stars linked to the Gunners this week.
Danny Griffiths of the Metro reports that Swansea could have a hard time holding on to central defender Ashley Williams.
Arsenal has been tipped as one of a few Premier League clubs interested in Williams' services.
Williams is the captain of the Wales National team and has captained Swansea for most of this campaign.
Swansea is currently ninth in the league table and have conceded only four fewer goals than Arsenal with Williams marshaling the back line.
According to Sky Sports, Arsenal will face a fight from a number of Serie A clubs to sign Fernando Amorebieta.
The Venezuelan international and current Athletic Bilbao central defender will be out of contract when this season ends.
Amorebieta's 6'4" frame would add height to Arsenal's defense and his 2.4 tackles and 3.2 interceptions per game allude to his capabilities defensively.
In fact, those numbers are better than what any of Arsenal's current central defenders have produced.
Arsenal got a first-hand look of Younes Belhanda during their home and away Champions League encounters early in the season.
Belhanda was a major part of Montpellier's Ligue 1 title run in 2011-12 and worked well with current Arsenal forward Olivier Giroud.
Belhanda has been linked (per Talksport.com) with a move to the Premier League, and the Gunners are one of the clubs believed to be interested in him.
The Moroccan attacking midfielder has the ability to score and create goals as last season's 13 goals and four assists show. This season, Belhanda has 10 goals and three assists to his name.
The Gunners may try to reunite the Montpellier man with his former teammate and hope to get the best out of both of them in the process.
The French contingent could continue to grow at the Emirates and decrease at the Sports Direct Arena if this rumour is to be believed.
The midfielder playmaker is highly influential for Newcastle and would prove a great addition at the Emirates.
Cabaye could replace Mikel Arteta in his current defensive role and allow the Spaniard to provide more creativity in the attacking third.
Despite David Villa's obvious skills, this rumour is still a bit of a weird one given Arsene Wenger's history in the transfer market.
Villa's goal-scoring record speaks for itself and any club would be happy to have him, but Wenger has rarely ventured into the market for players over the age of 30.
The Metro's Hannah Duncan reports that the 31-year-old Spaniard will be allowed to leave Barcelona at the end of the season.
Arsenal were linked with Spain's record goal-scorer a number of times during the January transfer window, but Barcelona did not want to sell.
Villa may not become the primary forward with Olivier Giroud still at the club, but he has the ability to make quite an impact.