The 2023-24 campaign was another one of significant progression for Mikel Arteta's side, who memorably collapsed towards the end of the 2022-23 term after leading the pack for 248 days.
Arsenal once again had to accept a runners-up finish behind Manchester City last season, but they got to gameweek 38 still in contention for their first title since the 2003-04 Invincibles season, only for the Citizens' win over West Ham United ended their hopes of glory.
The Gunners have since struck two permanent deals in the transfer market, welcoming David Raya back following his Brentford loan and also signing Italy international defender Riccardo Calafiori from Bologna for a reported £42m.
Sporting director Edu is also thought to be pursuing a £30m deal for Real Sociedad's Mikel Merino, whom the Gunners agreed personal terms with some time ago, but they are still negotiating a payment structure with their Spanish counterparts.
Petit: 'Arsenal need a new striker and midfielder this summer'
Arsenal were previously tipped to spend big on a striker this summer, but thanks to Kai Havertz's success in the second half of last season and Gabriel Jesus now back to full fitness, they have put those plans on ice.
However, 1997-98 Premier League title winner Petit - speaking to Sports Mole via BetVictor - believes that Arteta should be looking to add more attacking firepower to his ranks, while also addressing the midfield and wide situations.
"This [midfield] is one area where they should improve, they should also improve for the striker position. Maybe bring an offensive midfield player, maybe a winger that can bring competition and help with the turnaround of the team," the Frenchman said.
"When you play every three days, it's difficult, mentally and physically, we've seen some players exhausted at the end of the season. This is something that Arsenal need to improve if they want to compete with City."
Before turning their attention to Merino - who primarily functions as a number eight - Arsenal were after his more defensively-minded teammate Martin Zubimendi, but the the Spaniard ended up rejecting both the Gunners and Liverpool to stay at Sociedad.
Petit calls on Arsenal to sign "one or two" midfielders
The Gunners pursued a new number six after Declan Rice excelled in a more advanced role last season, with Thomas Partey and Jorginho often rotating in the deeper slot, and the latter has now signed a new deal until 2025.
Partey's contract also has just one year left to run, and the Ghanaian is looking likely to stay despite earlier talk of a move away, but Petit still thinks that a couple more midfielders would not go amiss.
"Jorginho and Partey are still at the club, they can play in that holding role. I don't want to see Declan Rice playing as a holding midfielder, as a number eight I think it's perfect for him," the 53-year-old added.
"The priority, I'm not sure if it's going to be a holding midfielder because of Partey or Jorginho. They need to add one or two players in the midfield area, they need to bring more competition for the first XI."
Arsenal kick off their 2024-25 Premier League season at home to Wolverhampton Wanderers on Saturday.