Arsene Wenger badly needs reinforcements at centre-forward, full-back and in central midfield, despite the advanced rehabilitations of long-term absentees Jack Wilshere and Bacary Sagna.
But the Frenchman’s famed prudence combined with his faith in the players he has nurtured means the £50 million kitty at his disposal could remain untouched.
Arsenal have made enquiries about the availability of a cluster of players this month, with rumours suggesting a potential move for Koln's Lukas Podolski may be in the offing.
However, the most likely recruit they will add to the capture of on-loan Thierry Henry is a player half the Frenchman’s age - highly rated Southampton left-back Luke Shaw, who is being talked of at St Mary’s in the same breath as another esteemed Academy graduate, Gareth Bale.
Ins: Thierry Henry (New York Red Bulls, loan)
Outs: Emmanuel Frimpong (Wolves, loan), Vito Mannone (Hull City, loan)
Targets: Luke Shaw, Nathaniel Clyne, Yann M’Vila, Yoan Gourcuff, Jan Vertonghen
Possible departures: Manuel Almunia, Marouane Chamakh, Tomas Rosicky, Ryo Miyaichi (loan), Theo Walcott