This is despite financial reports revealing that the Gunners are the fifth richest club in the world ahead of Real Madrid and Barcelona.
Boss Unai Emery was told that he was only allowed to make loan signings in the recent window and he eventually landed Barcelona's Denis Suarez with a view to a permanent deal.
But it was a frustrating month for the Spanish boss as revealed by BBC Sport journalist David Ornstein.
In a podcast he revealed that the Gunners fought tooth and nail to sign Inter Milan's Ivan Perisic.
Despite the player's interest, Inter turned down the move because Arsenal wouldn't include an obligation to sign the Croatian in the summer.
Arsenal then turned their attentions to Yannick Carrasco, currently playing with Chinese side Dalian Yifang.
But again the loan fee was way short of what the club were looking for and the deal collapsed.
Emery wanted to sign a box-to-box midfielder in his quest for Arsenal to finish in the top four this season.
He targeted Paris Saint-Germain's 21-year-old talent Christopher Nkunku and there was great interest among the Arsenal hierarchy.
Despite their optimism at getting the deal over the line, PSG wouldn't let him leave without finding a replacement.
The revelations came to alight after it emerged Arsenal refused to stump up the fee to recall Calum Chambers from his loan spell at Fulham.
Emery is in the midst of a defensive crisis and wanted the Englishman back among the ranks to bolster squad numbers.
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