Alongside poor results throughout the month, Mikel Arteta will lead his side for the remainder of the campaign not only without a new striker - having been linked with so many throughout the period - but also two fewer in their squad.
After being knocked out of the FA Cup and Carabao Cup, Arsenal have just one task remaining, and that is to be in fourth and final Champions League spot after matchday 38 in the Premier League.
However, that is much easier said than done after how poorly the club's January transfer window went.
First-team players Ainsley Maitland-Niles, Pablo Mari, Calum Chambers, and former captain Pierre-Emerick Aubameyang all left the club to join Roma, Udinese, Aston Villa and Barcelona, respectively, while young striker Folarin Balogun also joined Middlesbrough on loan.
Whilst the club wanted to move all those players out, nothing was done to find replacements and, to make matters worse, some targets joined other teams.
Dusan Vlahovic had been heavily linked with the Gunners throughout January, but instead decided to move to Serie A rivals Juventus from Fiorentina for €75million (£62.5m), whilst defensive midfielder Bruno Guimaraes opted to join Newcastle instead.
To make matters worse, in the announcement video by the new Magpies signing he appeared to have several digs at the Gunners by showing clips of newspaper images linking him to the club.
Other targets such as Alexander Isak, Jonathan David and Dominic Calvert-Lewin were also thought to be on Arsenal's radar, yet none of those strikers came through the doors at the Emirates stadium, either.
It has been a dreadful month for the club, and devoted Arsenal supporter and talkSPORT Breakfast host Laura Woods was keen to share her pain, which was undoubtedly shared amongst the fan base.
"Can I highlight something as well in this window, the absolute emotional damage inflicted on Arsenal fans and a complete disrespect by not just part of the footballing universe, but it feels unanimous," she said.
"First of all, Alexander Isak's Rolls Royce apparently turned up in London and it was near the Emirates, and he was going to sign for Arsenal, people were taking photos… turns out he was just out for dinner with a mate.
"Vlahovic has rejected Arsenal and gone to Juventus, Bruno Guimaraes' announcement video for Newcastle literally showed newspaper cuttings with headlines 'Bruno's on Arsenal's shortlist' and 'Arteta is ready to splash the cash', that was in his announcement video for Newcastle!
"Aubameyang was exiled from Arsenal for being late, he then turned up early to Barcelona, he took a pay cut and he went on a free.
"Now Aaron Ramsey has gone to Rangers!
"The absolute damages that we have been done in this window is too much for my small brain to even comprehend at the moment!"