However, that has not prevented frequent speculation regarding potential arrivals and departures at the Emirates Stadium as the Gunners attempt to strengthen their first-team squad.
Sales are necessary, though, and Arsenal will have to find a buyer for Mesut Ozil and most likely have to cash in on Pierre-Emerick Aubameyang in order to complete a double deal, which could cost £130m.
Here, Sports Mole assesses how Arsenal could line up next season if they can sign both of Fekir and Zaha.
Emery has frequently rotated his wingers during his time at Arsenal, even using Aubameyang on either flank in a bid to keep both the Gabon international and Alexandre Lacazette in the team.
However, Zaha would be regarded as first choice on the left wing should he make the switch across London, leaving Aubameyang with one fewer position to fill in the final third.
Regardless of the 30-year-old finishing last season as joint-top goalscorer in the Premier League, the fact that he has just two years left on his contract effectively means that Arsenal would consider his sale over Lacazette, who could find himself as the number-one frontman in a few weeks time.
The addition of Fekir would provide Emery with more options, although the playmaker would almost certainly find himself in the number 10 role with Ozil having been required to leave Arsenal in order to accommodate his arrival.
While the acquisitions of Fekir and Zaha would not really impact on the remainder of the team in terms of personnel, Emery may find it difficult to use a back three, unless he plays Fekir behind a front two of Zaha and Lacazette.