The Gunners may have ended their nine-year wait for a major trophy in the form of the FA Cup last term, but as far as the Premier League title is concerned, their challenge once again fell short.
There is a school of thought, though, that Arsene Wenger has assembled a squad that is only three or four quality signings short of being able to go the distance.
Here, Sports Mole has selected three players that we believe would help Arsenal to mount a serious fight for a first English title since 'The Invincibles' of 2004.
Serge Aurier, Toulouse
With Bacary Sagna having opted to continue his career with Manchester City, Seamus Coleman would have been the ideal replacement to fill the right-back void at the Emirates Stadium. However, the Republic of Ireland international recently ended speculation surrounding his future by signing a new contract with Everton.
It seems that Newcastle United's Mathieu Debuchy is the frontrunner in Arsene Wenger's thinking, but Aurier is a more than capable alternative. The full-back had a highly impressive Ligue 1 campaign with Toulouse, for whom he scored six goals. What's more, according to Squawka, Aurier created 32 goalscoring opportunities for his teammates, six of which were converted.
In what was a collectively disappointing World Cup campaign for the Ivory Coast, Aurier showed his credentials and was arguably his nation's best performer throughout the three group fixtures, an opinion partly based on the fact that he set up half of his side's four goals. At the age of 21, there is also plenty of scope for improvement.
Sami Khedira, Real Madrid
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As far as advanced midfield options are concerned, Wenger arguably has the strongest unit to select from. With Aaron Ramsey now considered to be one of the best goalscoring midfielders in Europe, as well as Mesut Ozil, Alex-Oxlade Chamberlain, Jack Wilshere, Santi Cazorla, Theo Walcott, Tomas Rosicky, Lukas Podolski and even Serge Gnabry, Arsenal are well stocked in that department.
Yet, in front of the back four, there is not such strength in depth. At 32, Mikel Arteta is not getting any younger, while Mathieu Flamini may be a useful option but he's not a top-class holding midfield player. As for Abou Diaby, injuries have limited the Frenchman to just 16 appearances over the previous two seasons.
Khedira has also only recently recovered from a serious knee complaint, but he's shown at the ongoing World Cup with Germany that he has made a full recovery. The 27-year-old is content to sit in front of the rearguard, which in turn allows the more creative players ahead of him the freedom to roam. With compatriots Per Mertesacker, Ozil and Podolski already in North London, he should also have little problem adapting to life in England.
Mario Mandzukic, Bayern Munich
There may have been the odd barren spell, but 16 goals last term was a respectable return from Olivier Giroud. The trouble is, if Arsenal are to become genuine title contenders, they need a centre-forward that is going to provide even more goals.
Proven goalscorers are worth their weight in gold, which often means that it will take top dollar to prise them away. That's why the chance to capture someone of Mandzukic's ability should not be ignored. The Croatian international has fallen out of favour with Bayern Munich head coach Pep Guardiola and speculation has suggested that he could be available for as little as £14m.
Over the last two seasons, the 28-year-old has fired in 48 goals for Bayern, six of which have been scored in the Champions League. Although not the most mobile of strikers, Mandzukic would provide a major focal point for the pacier members of the Arsenal side.