And so the wait for a trophy continues for Arsenal fans. They may have pipped rivals Tottenham Hotspur to a Champions League place, but having ended the most recent campaign without reward, it is now eight years since the Gunners lifted a trophy.
Rumours are rife that having paid back what they owe on the Emirates Stadium, manager Arsene Wenger has a warchest at his disposal this summer. If you believe what you read, the Premier League's longest serving gaffer has anything between £70m and £100m to spend.
But who should the Frenchman sign to allow Arsenal to become a force in both the English and European game again? Below, Sports Mole identifies five players who we believe could improve the Londoners.
Diego Lopez, Real Madrid
There was once a time when Wojciech Szczesny was thought of as one of Europe's brightest young goalkeepers. However, over the last couple of campaigns, the Pole's development has seemingly stuttered - so much so that he was dropped earlier this year for what Wenger described at the time as a loss of confidence.
With Lukasz Fabianski and Vito Mannone also viewed as no more than back-ups, step forward Lopez. The 31-year-old rejoined Real Madrid in January and was immediately installed as the number one keeper by Jose Mourinho, who had publicly fallen out with Iker Casillas.
However, Mourinho is no longer the boss at the Bernabeu and it would be brave of the next Madrid coach to continue to place Casillas - a real favourite of the fans - on the bench.
Having impressed during his six-month spell with Los Blancos, including a man of the match performance at Old Trafford against Manchester United in the Champions League, Lopez is unlikely to be content with acting as the understudy to Casillas.
He would bring to Arsenal a wealth of experience in the European game, as well as a commanding presence.
Seamus Coleman, Everton
Having cost Everton just £150,000, it could be argued that the addition of Coleman was one of the best pieces of transfer business that David Moyes completed during his 11-year stint at Goodison Park.
He broke into the team in 2010 as a right winger, but last season he started to establish himself as a right-back. Not only did he show that he is a disciplined defender, the 24-year-old also proved himself to be more than capable in the opposition's half. It was form that also resulted in him nailing down a spot in the Republic of Ireland starting lineup.
Arsenal currently have Bacary Sagna in that position, but the French international's performances over the past two years have been heavily scrutinised. While his work on the ball is still up to a high standard, he has been found defensively lacking at times.
With the 30-year-old heavily linked with a return to his homeland, Coleman would be a more than an adequate replacement.
© PA Photos
Marouane Fellaini, Everton
Not since Patrick Vieira have Arsenal had an imposing midfielder - one who is capable of running a match from the centre of the pitch. The absence of such a player is seen as a major reason as to why the Gunners tend to lose the bigger matches.
The Arsenal engine room is packed full of 'easy on the eye' footballers such as Jack Wilshere, Mikel Arteta and Santi Cazorla, but none are known for their tackling ability.
While Fellaini has more often than not operated in advanced role for Everton since his 2008 arrival, the big Belgian has confessed recently that he is most comfortable playing in front of his own rearguard.
The arrival of Fellaini would not only provide more protection to the Arsenal defence, but it would also free up Arteta, who currently plays in the deepest role, to take up a more advanced position.
His height would also give Wenger's men more of a goal threat from corners and free kicks.
© PA Photos
Stevan Jovetic, Fiorentina
Clubs across Europe are thought to be chasing the 23-year-old's signature, so if Wenger could tempt him to the Emirates, it would be a real coup.
He may not be the most clinical of centre-forwards, but Jovetic is what you would call an 'Arsenal-type of player'. He's comfortable in possession, while also having the ability to stretch defences.
Having been signed to play in a similar position to the Montenegro international, Lukas Podolski and Gervinho have failed to produce the goods on a consistent basis, which is why Wenger is in the market for such a player.
Jovetic, 23, may take a large chunk out of Wenger's transfer kitty, but with teams lining up to snatch the striker from his Serie A employers, it's unlikely that his arrival would be a risk.
Roberto Soldado, Valencia
Twelve months ago Wenger was forced to part with Robin van Persie, who decided to continue his pursuit of medals with Manchester United. Olivier Giroud was signed as a replacement and while he had his moments, the France international scored just 11 goals in the Premier League.
With the search for a Van Persie replacement likely to continue over the coming weeks, Soldado may well be on Wenger's radar. He would offer a focal point that has been missing since the Dutchman moved to United.
Since joining Valencia from Getafe in 2010, the Spanish striker has scored 82 goals in 141 outings for Los Che.
Not only that, but with Valencia known to be suffering from financial problems, some reports have claimed that they may be forced to sell their prized asset for around £10m.
