After missing out on Champions League football, the task to attract top players has become an even more difficult.
Wenger also needs to appease the restless Emirates faithful, making it all the more important to get the summer business right.
Here's a look at five players the Gunners might want to consider if they are to improve...
Kylian Mbappe (Monaco)
The 18-year-old Frenchman has taken the world by storm this season and has been linked with a whole host of clubs.
With 26 goals, Mbappe is reportedly sort after by Real Madrid, so Arsenal would probably have to break the bank to get hold of him.
However, should Alexis Sanchez leave the club for a huge fee the Gunners will be able to splash the cash, while the prospect of following in the footsteps of the man he has been compared to, Thierry Henry, might add to the appeal.
Riyad Mahrez (Leicester)
They were linked with the Algerian last summer and a deal may be more feasible this time round after a disappointing campaign with Leicester, scoring just six league goals after netting 17 on the way to the Premier League title.
27 goals and 17 assists in three Premier League seasons is still impressive for a player at a club which has struggled for much of two of those.
More creative players around him would help the winger return to the form of Leicester’s glorious spell at the top.
Sead Kolasinac (Schalke)
If rumours are to believed then this is already a done deal, with the Bosnian left-back expected be heading to the Emirates when his contract at Schalke ends this summer.
One area Arsenal clearly need to improve is the defence and bringing in reinforcements will be welcomed by some disgruntled fans.
Kolasinac is not just a solid defender but can be an attacking threat as well. According to Squawka he created 23 chances in the Bundesliga, whereas first choice left-back Nacho Monreal only managed 12 this season.
Danilo (Real Madrid)
Another defender, but the position of right-back could be crucial this summer should Hector Bellerin move on to pastures new.
The Brazilian can and will get forward which will excite Arsenal fans no end, he can create chances too, creating 18 in La Liga despite limited playing time.
The big question is whether Real Madrid are willing to sell, which is likely to be dictated by their own business in the transfer market.
Raphael Varane (Real Madrid)
The 24-year-old French international is one of the most promising centre-backs around but has also struggled to pin down a regular starting berth at Real Madrid.
He certainly fits the Wenger mould, completing 87.8 per cent of passes this season, almost exactly the same as Laurent Koscielny and better than both Gabriel and Shkodran Mustafi.
However, without Champions League football this move looks difficult to secure, especially with rivals Manchester United potentially sniffing around as well.
