The Gunners have finished as Premier League runners-up for the past two seasons, pushing Manchester City to a final-day showdown in the most recent campaign.
Throughout the summer transfer window, the North Londoners were linked with moves for several players, particularly attacking reinforcements, such as Brentford's Ivan Toney and Sporting Lisbon forward Viktor Gyokeres.
In the end, Mikel Arteta's side spent around £80m on five new acquisitions, securing the signatures of David Raya, Riccardo Calafiori, Neto, Mikel Merino, and Raheem Sterling.
However, it seems that the Gunners had also missed out on a few big-name players this summer as well.
Arsenal miss out on three transfer targets
According to Football Insider, Arsenal had opened discussions regarding deals for Benjamin Sesko and Nico Williams, but both players ultimately chose to remain at RB Leipzig and Athletic Bilbao, respectively.
The report adds that the Gunners had also made an enquiry for Bayern Munich attacker Jamal Musiala but the Bavarians swiftly rejected their approach.
However, it is understood that while the Premier League giants' plans for those big-money signings were put on hold, all three players remain on the club's long-term radar.
The North Londoners ultimately secured Sterling's signature on a last-minute season-long loan deal from cross-town rivals Chelsea on transfer deadline day.
Sterling opted to leave Stamford Bridge after being frozen out of the first-team and being told that he was surplus to requirements by new boss Enzo Maresca.
Gunners eyeing up Barca centre-back for January move
In addition to Sesko, Williams and Musiala, Spanish outlet El Nacional claim that the Gunners are also keeping a close eye on Andreas Christensen and are considering a move for him in the January window.
The Denmark international left Chelsea as a free agent in the summer of 2022 to join Barcelona and has made 75 appearances for the La Liga giants since arriving at Camp Nou.
Barca are open to listening to offers for Christensen in the winter window, with Inter Milan, Newcastle United and Liverpool all believed to be preparing formal offers for the centre-back's signature.
It is understood that the Catalans have set a £30m asking price for the player, which would represent a significant gain for the club given that they signed him for free two years ago.