At this point in time, the only new face added to the first team is Italian defender Riccardo Calafiori, and while he looks to be a quality addition, it doesn't feel like enough in the face of Manchester City.
What has made this lack of activity more frustrating for fans is the incredibly drawn-out saga around Mikel Merino, who has been touted for a move to the club for well over a month now.
Mikel-Merino-Arsenal-Spain
The Real Sociedad star was first named as a player of interest during the Euros, and since then, there have been a number of updates about the potential deal, but it feels like little has actually happened.
However, there could be a reason for that, as based on recent reports, Edu Gaspar and Co could have their eyes on another superstar midfielder this summer.
Arsenal transfer news
According to a recent report from journalist Sam C, Arsenal are one of several "top clubs" still interested in Newcastle United's Bruno Guimarães.
Newcastle's Bruno Guimaraes
Alongside the Gunners, the update names Manchester City as another interested club but does not mention how much the move could cost the club.
However, reports from earlier this month claimed that the Toon values the Brazilian international at around £100m, which could prove a stumbling block for any potential deal.
Bruno Guimaraes for Newcastle
That said, Guimarães has proven himself to be one of the best midfielders in the Premier League over the last couple of seasons, and while it would be costly, bringing him to the Emirates this summer could help the Gunners get over the line come May.
This update could also explain why a move for Merino has taken such a long time to materialise, as Edu and Co may have been looking towards the Magpies star.
Mikel Merino
Why Guimarães would be a brilliant signing
There are several reasons why Guimarães would be an exceptional signing for Arsenal this summer, so it's not surprising that Newcastle value the midfielder highly.
kalvin-phillips-bruno-guimaraes-newcastle-opinion
The first reason is that, like Declan Rice, the former Lyon ace is reasonably versatile in that he can play as either a six or a central midfielder.
For example, across his career to date, he has started 160 games as a defensive midfielder and 63 in the eight position. However, while he has officially started more games at the base of midfield, he tends to play in more central positions once the game has started, as evidenced by his Premier League heatmap from last season.
This preference to operate slightly further up the pitch brings us to the second benefit of signing the 26-year-old, which is that he'd allow Rice to move back into defensive midfield.
The former West Ham United captain performed well in several areas of the pitch last season but admitted that the six was his "best position," which is easy to understand given that it's the area of the pitch he has started in for the majority of his career.
Bruno-Guimaraes-Callum-Wilson
Lastly, while the Rio de Janeiro-born ace would bring some more solidity to the midfield thanks to his time playing slightly deeper, he is also a serious goal threat.
For example, in 50 appearances last season, the "world-class" dynamo, as dubbed by talent scout Jacek Kulig, scored seven goals and provided ten assists, meaning he averaged a goal involvement every 2.94 games, which is impressive for someone in his position.
Guimarães's 23/24
Appearances
50
Goals
7
Assists
10
Goal Involvements per match
0.34
All Stats via Transfermarkt
Ultimately, while he'd cost a king's ransom, Guimarães would be an incredible signing for Arsenal and undoubtedly improve their chances of winning the league this season.
Moreover, if the club have been looking at signing him in recent weeks, it's no wonder the Merino deal is taking an age to get done.
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