While Wenger made early moves to sign three internationals for leading nations in Lukas Podolski, Olivier Giroud and Santi Cazorla, the sale of Van Persie and Song actually puts the club in the black for their transfer dealings this summer.
Wenger has admitted that he is looking to sign a midfielder and there is plenty of speculation as to the identity of their potential singing. One target is certainly Real Madrid midfielder Nuri Sahin, with the Gunners keen to bring the Turkey international on a season-long loan.
While some reports have claimed that a deal is imminent, the Guardian alleged on Monday that negotiations have hit a stumbling block. The cause of the hitch is thought to be Arsenal's desire to have a clause inserted in the loan agreement allowing them to sign the 23-year-old on a permanent basis. Fully aware of Sahin's quality, Real are eager not to relinquish their rights to the player.
With Sahin possessing more passing than combative qualities, even should he join Arsenal, the club may more for a more defensive-minded midfielder. That could mean the Gunners reigniting their interest in Rennes' Yann M'Vila.
Having already admitted that they were prepared to sell the 22-year-old this summer, Rennes have now speculated that Arsenal could be M'Vila's destination.
"For the moment, there are three offers," general manager Pierre Dreossi said, according to Sky Sports. "There is no agreement. We enter negotiations this week and hope to find a solution.
"Arsenal? Maybe, you'll have to call Arsene Wenger. I think Arsenal will look for a player in this position. He could go there or to a club which sells Arsenal a player."
Arsenal could also be looking to Ligue 1 in order to strengthen their defense. Toulouse left-back Cheikh M'Bengue has claimed that Arsenal are chasing his signature. While Wenger has admitted that he was in the market for a defender, it appeared more likely that the he would try to bolster his options at center back. The Gunners have Kieran Gibbs and Andre Santos as options on the left of their defense.
But M'Bengue, 24, has said that he would relish the chance to move to the Emirates.
"Arsenal's interest? To be honest I didn't expect it," M'Bengue told L'Equipe. "When such a big club is thinking about you, it is great pleasure, but you are above all surprised.
"It is really flattering. Moreover, the Premier League is the league where I would like to play."
"You cannot refuse Arsenal, if everyone can benefit from it," he added. "I hope if there is an exciting proposition, the chairman won't block me."
Arsenal could raise further funds to boost their squad by moving out some of their fringe players. Among those that could yet leave is Moroccan striker Marouane Chamakh. Reports on Monday claimed that Tottenham were interested in signing the former Bordeaux man, however those stories appear to have been wide of the mark.
Espn states that Spurs have little interest in the misfiring 28-year-old. With Tottenham wrapping up a deal for Emmanuel Adebayor on Tuesday, a move across North London for Chamakh appears increasingly unlikely.