Oh to be an Arsenal fan.

Arsene Wenger has this unbelievably-good ability to excite and frustrate in equal measure doesn't he, be that with football on the pitch or activities off it (yes, transfers).

When Petr Cech was bought ten weeks ago from English Premier League champions Chelsea, there was such excitement from Gooners everywhere – "I mean how often are we able to buy one of the top players in his position from a direct rival?" was the general consensus.

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Arsenal have had to endure players being taken off them time and again over the past decade, but to be on the right side of such a move was seen as a huge fillip heading into another "this is going to be Arsenal's year" season.

With the signing of Cech, Wenger showed the kind of ruthlessness he very rarely brings out. The Frenchman is the kind of manager who puts absolute faith in his players – as Patrick Vieira said, sometimes too much faith – and for Wenger to say, "sorry Wojciech, sorry Ospina, you guys have done well, but Cech is better" would not have been an easy thing to do.

However, it is just the kind of thing you need to do to compete in this ultra-competitive English Premier League, where any team can, not just nick three points, but also comprehensively outplay you on their day.

So, the signing of Cech was a step in the right direction – a statement of intent, saying this Arsenal team are finally ready to make a sustained challenge for the title, while also making sure that inevitable last 16 exit in the Champions League is avoided.

Those ten weeks or so that followed the arrival of Cech was filled with one transfer story after another, linking Arsenal to a plethora of world-class players, with the excitement and over-the-top reports only increasing as the transfer deadline day of the summer window 2015 neared.

Slowly but surely, though, those links were batted down, most of them by the players themselves. The two players who would have considerably strengthened this Arsenal squad – Karim Benzema and Grzegorz Krychowiak – took to social media, the most potent place for all transfer stories, to say they are staying at their respective clubs, and that air went out of the "yay we're buying world-class players" balloon, pretty quickly.

So, the next obvious step – for fans and the let's-link-players-to-clubs-fellows – was going to be firing in a few more world-class names, especially with the transfer deadline day nearing.

Step up Edinson Cavani for the coveted striker's spot. Indeed, Twitter went crazy – but when doesn't it aye – when one of the handles posted a picture of Wenger boarding a flight to Paris. I mean, that can only mean one thing right? The Arsenal manager is going to complete the transfer of Cavani from PSG, with that always-there Wenger charm about to work its wonders.

Well, it did not quite happen that way. According to late reports, Arsenal baulked at the £50million price, and decided against making a move, with a late attempt at signing Simone Zaza from Juventus also coming to nothing, according to the Independent.

In an ideal world, Wenger would have been able to find a proper world-class striker a month or so before the start of the season, with that defensive midfielder, who can give Francis Coquelin competition and support, also locked in.

However, the transfer window is not an ideal world – Manchester United paying £36m for a 19-year-old proving that statement, and then some – and Wenger's number one option for the defensive midfielder department – William Carvalho – got himself ruled out for four months through injury.

Arsenal decided not to panic buy and bring in another defensive midfielder – any one of the Bender brothers would have been good options, though – and they will now probably wait for Carvalho to get back to fitness before going back to Sporting Lisbon to try and thrash out a deal again.

For the striker, well, apart from Benzema, would any of the other have been an upgrade on what Arsenal already have?

Yes, Olivier Giroud is not quite the top draw, but he is a lot better than people give him credit for. His interlinking play with those gifted Arsenal playmakers is as important as his goals. The start hasn't been the greatest admittedly, but that can be said of most Arsenal players, who seem to have taken their eyes off the ball after a searing preseason.

In Theo Walcott, Giroud, Danny Welbeck, Joel Campbell (remember him?), Alex Oxlade-Chamberlain, Aaron Ramsey, Mesut Ozil, Alexis Sanchez, Santi Cazorla and Jack Wilshere , Arsenal have enough creativity and goals; it is just about those goals and creativity coming to the fore when needed.

That, more than buying readymade players and making that statement of intent, is Wenger's biggest challenge this season.

And hey, the last time Wenger just bought a goalkeeper in the transfer window, Arsenal had their greatest ever season in the league – remember those Invincibles?