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Arsenal's efforts to capitalize on their long-awaited Premier League title win during the summer transfer window have been underwhelming, to put it mildly.
A previously agreed deal to bring in defender Piero Hincapié has been finalized alongside the signing of backup goalkeeper Illan Meslier, with the acquisition of 24-year-old winger Christos Tzolis currently serving as the window's standout move.
There is certainly more business to come from Arsenal, but there is no escaping the fact that this has been a difficult window so far for the Gunners.
Here are three high-profile players Arsenal have already missed out on this summer and what lies ahead for Mikel Arteta's squad.
Morgan Rogers
Arteta went into the summer with one primary objective: secure Morgan Rogers from Aston Villa.
It appeared almost inevitable that Arsenal would land the England international, having spent weeks in negotiations in an attempt to persuade Villa to accept an offer in the region of $108 million (£80 million). The Villans, however, refused to budge.
Chelsea stepped in with a staggering $157.5 million (£117 million) offer. Arsenal were given the opportunity to match that figure but quickly walked away, suffering their first significant setback of the summer. Rogers's comment that Chelsea are the "biggest club in London" did little to soften the blow.
Vinícius Júnior
As Arsenal sought an alternative to Rogers, they became aware of the uncertainty surrounding Real Madrid winger Vinícius Júnior, who was embroiled in a drawn-out contract dispute with Los Blancos that could have tipped in either direction this summer.
Spotting an opportunity to acquire one of football's elite talents at a reduced price, Arsenal made their interest in Vinícius Jr publicly known, igniting a fresh transfer saga in which reports went as far as claiming that several Arsenal players were confident the Brazil international would be joining them for the upcoming season.
In truth, Arsenal's interest appeared to serve as a bargaining chip for Vinícius Jr and his camp, who ultimately persuaded Madrid to improve their contract offer and secured the extended deal at the Bernabéu that he had been seeking all along.
Sandro Tonali
While the left wing position has dominated Arsenal's transfer headlines this summer, another key priority has been strengthening the midfield. Among the players targeted earlier in the window was Italy international Sandro Tonali.
The Gunners made contact with Newcastle to gauge the cost of signing Tonali but were unable to prevent rivals Tottenham Hotspur from moving decisively. The midfielder's relationship with Spurs manager Roberto De Zerbi proved decisive and facilitated a transfer worth a massive $134.5 million (£100 million).
Crucially, though, Arsenal also used their discussions over Tonali to register an interest in Bruno Guimarães, whose move to the Emirates is now just a formal announcement away from being confirmed.
What Next for Arsenal?
The Guimarães signing means Arsenal are close to addressing one gap in the squad, but a conspicuous void remains on the left side of the attack. Leandro Trossard has already left for Beşiktaş and confidence in Gabriel Martinelli is not especially high.
With Rogers and Vinícius Jr both out of reach, Arsenal now face the difficult task of identifying their next top target in an increasingly limited market.
Paris Saint-Germain's Bradley Barcola is on their radar but appears to be gravitating toward Liverpool, who have made no secret of viewing the Frenchman as a top priority—something that clearly cannot be said of Arsenal's stance.
Arteta's wishlist also features Atlético Madrid striker Julián Alvarez near the very top, with reports earlier this year indicating he could be deployed on the left wing well before the pursuits of Rogers and Vinícius Jr confirmed that position as a key area of need.
Alvarez, however, remains Barcelona's primary target. He is believed to be eager for the move, but Atlético have publicly insisted they have no intention of selling the striker to a La Liga rival—or to anyone else, for that matter.
Can Arsenal afford to be drawn into yet another protracted saga? Persuading Atlético to sell could take weeks and may ultimately prove fruitless, while other targets could be snapped up by competing clubs in the meantime.
The list of realistic alternatives is already short. AC Milan's Rafael Leão is pushing for a Premier League move, but Kenan Yıldız has committed to Juventus with a new contract and Marcus Rashford is not anticipated to leave Manchester United.
Athletic Club's Nico Williams has long been mentioned as a potential Arsenal target, but whether he would be open to leaving his hometown club this summer remains an open question.