Arsenal may have been the biggest spenders of the summer, and Josh Kroenke may have publicly pledged to dive further into the market in a recent meeting with supporters, but the January transfer window is one. completely different beast.
Mikel Arteta, currently on secondment from the first team due to a second episode of coronavirus, led a young and defensively resilient team to fourth place in the standings at the end of the calendar year.
But now the dilemma is whether to return to the market and boost their hopes of a Champions League return or try to cross the line with the current squad.
With a number of players on their way to the Africa Cup of Nations this week, potentially until mid-February, there are strong arguments to add in midfield and attacking.
And there are no worries about financial fair play, with over Â£ 200million in room to play.
So what can be learned from the club’s previous winter affairs and should fans expect a similar change or a change in leadership?
For the most part, January has been a chore in North London, with one notable exception that may give fans hope.
In two of the past 10 years there have been no arrivals, loans only in three other campaigns and over Â£ 10million spent on just two occasions.
Still, optimists can point to Pierre-Emerick Aubameyang’s insanity in early 2018 for a record Â£ 57million at the time, even if this is due to Alexis Sanchez’s acrimonious departure.
Now Aubameyang’s future is uncertain after falling out with Arteta as he heads to the Africa Cup of Nations as well. Is it enough to force their hand? Fans must wait and see, but here’s what the last decade has brought …
The last 10 years
2021 Omar Rekik (Â£ 500,000)
The center-back has joined the club’s Under-23s from Hertha Berlin
2020 Pablo Mari, CÃ©dric Soares (loans)
The defenders arrived on temporary agreements in the last days of the window with a view to making them permanent integrated elements.
2019 No arrival in the first team
2018 Konstantinos Mavropanos (Â£ 1.8million), Henrikh Mkhitaryan (trade), Pierre-Emerick Aubameyang (Â£ 57million)
After a quiet summer, three played first-team players arrived, the latter being the most notable for huge fees only since being overtaken by the Â£ 72million deposited on Nicolas Pepe. The Mkhitaryan acquisition was part of the deal which saw Alexis Sanchez depart for Manchester United, while Mavropanos came at a more modest cost.
2017 No arrival in the first team
2016 Mohamed Elneny (Â£ 7.5million)
The midfielder was signed from Basel in the middle of the month after a very quiet summer
2015 Krystian Bielik (Â£ 2.4million), Gabriel Paulista (Â£ 11.3million)
The teenage Polish midfielder came in with the aim of advancing in the first team over time while the Brazilian defender came up with a lot of hype that never translated into reality
2014 Kim Kallstrom (loan)
A veteran Swedish international joined Spartak Moscow to cover
2013 Nacho Monreal (Â£ 8.5million)
A reliable and brash defender has joined the deadline from Malaga, the club that supplied Santi Cazorla a few months earlier.
2012 Thierry Henry (loan)
The club legend returned for six weeks under a deal with the New York Red Bulls.