It is claimed that the Frenchman was on the verge of completing three deals that failed to materialise on deadline day in the January trade period.
Wenger is believed to have moved for two players, including a striker, while another player was reportedly the subject of a loan inquiry with a view to a permanent transfer.
The former Monaco boss has long been of the opinion that nurturing potential from the club's youth system is more profitable than breaking the bank to buy the big names.
However, with no trophies added to the cabinet since 2005, it is said that the gaffer is willing to splurge if it would ensure that the Gunners' taste glory next season.
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Player Ratings: AC Milan 4-0 Arsenal
Goals from Kevin-Prince Boateng, Robinho and Zlatan Ibrahimovic handed the Italian side a victory that all but seals their progression to the next round of the Champions League
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Ajax - Manchester United Preview: Nani, Jones & Smalling return
The 38-year-old former Wales international was involved in the Red Devils' last second tier European match as they crashed out to Russian side Rotor Volgograd in 1995
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Porto - Manchester City Preview: Europa League holders yet to taste defeat at home this season
Both teams expected progression in the Champions League but after third placed group finishes will now focus on the competition that the Portuguese side won last season
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Word on the Tweet: Rooney names his new horse after himself
Goal.com takes a look at some of today's top action on the social networking site, with mumblings ranging from horse-based foolery to an unusual love-in for a famous pop star
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Should Copa America 'Vanishing Spray' be introduced globally?
The spray, which has been designed to stop defensive walls from encroaching closer than 10 yards to the ball at free-kicks, is set to be discussed at next month's IFAB meeting
