They've been linked to nearly every meaningful player available, but nothing has yet to come to fruition.
But surely, Arsene Wegner is just biding his time, waiting to make the right move.
We'll break down the latest transfer rumours surrounding the Gunners.
Wayne Rooney wants out of Old Trafford. According to Dominic Fifield and Jamie Jackson of The Guardian, Rooney is unhappy with the new leadership and his role on the team:
United's insistence that Rooney will not be permitted to leave has been complicated by the player's own apparent determination to sever ties with the champions after nine years at Old Trafford. According to sources close to the striker, who has returned from the pre-season tour with a hamstring injury that will render him unavailable until next month, the player was left "angry and confused" by suggestions that he would play second fiddle to Robin van Persie in a forward role under David Moyes next term, an outburst that appeared to pave the way for his departure.
Fifield and Jackson noted in that same article that United turned down a £20 million bid from Chelsea.
Arsenal, as Fifleid and Jackson report, is interested in the striker. Obviously, they would have to pay over £20 million, but adding someone of Rooney's caliber would take Arsenal to the next level in the EPL.
It remains to be seen if United would let Rooney go to the rival Gunners, or to any other team. Rooney scored 13 goals and added 13 assists last season. Losing him would be a big blow for United.
On the same token, however, it would be a huge coup for the Gunners. Not only would it weaken United, but it would add a legitimate star to Arsenal's squad. The trio of Rooney, Theo Walcott and Santiago Cazorla would be pretty dangerous.
It's not clear if this move will happen, but it could be just what the Gunners need to make a big move in the EPL.
The Gunners are interested in Bayern Munich midfielder Luiz Gustavo, according to Matt Law of the Mirror.
According to Law, Gustavo could be had for £15 million, a pretty reasonable number.
Gustavo is a defensive midfielder who can also play defense in a pinch. He also added four goals last season.
Although he's prone to some concentration lapses on the pitch, Gustavo is pretty responsible defensively and is a very good passer.
He won't provide the offense that Arsenal needs, but he will improve a defense that will be missing Thomas Vermaelen due to injury.
It would be a solid move for the Gunners.
Arsenal could be keen on acquiring Chelsea's Juan Mata. Jack de Menezes of the Independent reported that Arsenal could put out a big bid for the Spanish midfielder.
The price required to obtain Mata is not yet known, although it will probably be on the higher side. Mata scored 16 goals last season with Chelsea, as well as adding a goal in the Confederations Cup for Spain.
As a dynamic passer and finisher, Mata could really help improve the Gunners offense.
This move, if it does happen, will probably take a little while to complete. But it seems, on paper, like a perfect fit. Mata would provide a lot of offense and could help Arsenal rise in the EPL standings.