Life is unusually sweet at the Emirates right now.
Arsene Wenger and Co. have snapped up three world-class players in the form of Olivier Giroud, Lukas Podolski and Santi Cazorla for a total fee of less than £50 million.
On top of that, the club are standing firm on not letting their captain Robin van Persie leave this summer, even though Manchester United are heavily pursuing the Dutchman.
What follows is an analysis of the Gunners' summer so far and taking a look at the possible transfers that could occur before the transfer window shuts down.
Arsenal, as mentioned above, have signed three players this summer, namely Olivier Giroud, Lukas Podolski and Santi Cazorla.
Ask any Arsenal supporter, and he'll tell you how odd it is to see Wenger buying three experienced, quality internationals in a single transfer window. The Frenchman usually took his time in the transfer window, extensively scouting and analyzing a number of players, but only completing deals for one or two of them.
It's been quite different this time around and one can surely expect a lot from the three new Gunners this season.
Starting off with Olivier Giroud, even though he's isn't quite seen as the ideal replacement for van Persie by many Arsenal faithful, the French international has the potential to create a remarkable impact at the Emirates.
The 25-year-old was Ligue 1's top scorer last season, scoring 21 goals for Montpellier and even though Ligue 1 is considered a relatively weaker league, not many players score more than 20 goals in a season and it's been more than 20 years since someone (Papin) scored 30 in a season.Giroud's best asset is his heading ability. He won the most aerial duels in Europe's top five leagues last season and was a potent threat for Montpellier through free-kicks and corners. Added to that, unlike his predecessor, Giroud is not an injury prone player and should fit well into the Arsenal set-up.
Next is Lukas Podolski. The German international is a versatile player who can play all along the attacking line and will provide immense depth and prowess to the Arsenal team.
Personally, I see Podolski replacing Gervinho on the left wing. The latter has struggled to create a desired impact at the club so far and I won't be surprised to see him demoted to the bench this season.
Podolski might not have been able to replicate his international form at the club stage, but I surely see the former Bayern Munich 'flop' faring well at his new club and making a vital contribution to the team success this season.
Finally, we end this segment with arguably one of the best transfer coups of recent history- Santi Cazorla from Malaga for a reported fee of £16 million.
The Spanish international is arguably one of the most complete midfielders in the game. The 27-year-old can play as a winger, a central midfielder, a second striker or even as a holding midfielder.
His vision, technique and passing abilities are world class; and his dribbling abilities make defenders look like fools.
He'll add the much needed creativity to the team, something that has been lacking since the departure of Samir Nasri and Cesc Fabregas last summer and will surely be a huge hit at the Emirates Stadium.
Arsenal have loaned out Denilson, Joel Campbell and Benik Afobe to Sao Paulo, Real Betis and Bolton Wanderers respectively.
Of the three, Campbell and Afobe are considered as two of the most promising youngsters at the club and will gain valuable experience and playing-time during their respective loan stints.
Denilson, on the other hand, has until now flopped at Arsenal and has extended his loan spell at his former club Sao Paulo for another season. Even though his chances of returning to the Emirates look bleak, Denilson could possibly at least try to revive his faltering career by producing an impressive loan stint and subsequently find a suitable European club to continue his footballing career.
Manuel Almunia has joined Watford on a one year contract and in all fairness, Arsenal fans will surely be pleased with this transfer.
Nuri Sahin has been linked with a loan-move to Arsenal but the rumours have died down over the past few days and I personally don't see a transfer deal being struck between the two parties as long as Alex Song stays at the club.
Actually, it is overwhelmingly unlikely that Arsenal will now buy another player. The team looks fairly organized and reliable and if the defenders stay injury-free, Arsenal could be genuine title contenders for the upcoming season.
However, as stated, there is chance that Alex Song might leave the club. The Cameroon international has been heavily linked with a move to FC Barcelona over the past few weeks and the Catalans are apparently preparing a £15 million bid for the 24-year-old.
Song's departure could come as a big blow to the club. He was Arsenal's one of most consistent and reliable players last season. Yes, his defensive duties might have been questioned and criticized at times, but he did act as a great holding midfielder who protected the defense well and had also contributed heavily to the team's attack.
As tempting as Barcelona's bid might appear, Wenger should try his best to keep hold of Alex Song and ensure that the he stays at the club this season.
Another player who could leave is, as we all know, Robin van Persie. Even though Arsenal, as mentioned above, are adamant to keep their captain at the club this term, some reports have suggested that the talks between the player and Manchester United are in an 'advanced stage'. In all fairness, I don't see a deal happening. Arsenal's and van Persie's apparent demands are too high for United and Alex Ferguson might rather target a younger and less injury-prone player.
If Arsenal are able to keep hold of Robin van Persie and Alex Song, then they will surely be one of the teams to beat this season.
They have great squad and one of the best managers in the world. The fans are desperate to see silverware at the Emirates and I surely believe that the Gunners should be able to end their trophy drought this season.