Former Arsenal defender Martin Keown has criticised the club's lack of ambition in the transfer market by describing it as a "missed opportunity".
The Gunners have made just one signing this summer, goalkeeper Petr Cech from Chelsea, and are the only top-flight European team not to recruit an outfield player.
Keown told BBC Sport: "When I left Arsenal 10 years ago, they were dominating the Premier League. We went unbeaten through a whole Premier League season. The fans got used to seeing trophies coming through.
"There's a frustration now because they had to lower their expectations because of the expenditure on the stadium - now there's no excuse in those terms. But the top players don't seem to be available, or Arsenal don't want to spend those fees on those players.
"I feel it's a missed opportunity - because the Premier League, without Manchester City there, is almost there for the taking. If you could put it together now and go on a run, then you can do something. Arsenal might go on a run anyway, but it's probably unlikely."
Arsenal have not won the Premier League since 2004.
