Since the 2015-16 Premier League season ended, the only good news that the Gunners got was the signing of Granit Xhaka earlier this month.
However, they have since not been able to accept terms with most of their top transfer targets most noticeably Jamie Vardy from Leicester City.
Vardy was supposed to a top transfer target for Wenger this summer but he was disappointed after it was revealed that the England international signed a new contract with the Premier League Champions.
This saw them turn their attention towards the in-form Napoli striker Gonzalo Higuain.
The Argentine has been in sensational form for the Serie A outfit last season scoring 36 goals in 35 league games and has attracted a lot of interest from Premier League clubs likes Liverpool and Chelsea along with the Gunners.
However, all the potential suitors were dealt a huge blow this week after the Italian outfit announced that the 28-year old will stay at the club for another year at least.
An Argentine publication TyC Sports revealed that the striker has now agreed to sign a new 4-year deal with Napoli after the end of the Copa America.
It was also revealed that his new salary will be up to £5.3m per annum.
This will come as a huge blow mainly to Arsenal who are short of a striker and are in desperate need of a top class talent this summer.
The likes of Olivier Giroud and Danny Welbeck (who is injured) have just not done enough to improve the chances of silverware at the Emirates and the Higuain snub will only complicate things even further.
Wenger will now have to dig deep in the transfer market and might also have to settle for an understudy for yet another year as not many top class strikers are up for sale.
The likes of Karim Benzema, Mauro Icardi, and Edinson Cavani have been linked with the club and it will be interesting to see how they go about their search for a striker this summer.