Actually, Wenger's pretty active in the transfer market right now.
Take a read of the best Arsenal blog around
Bakary Sagna is coming to us from Auxerre. He was the best right-back in Ligue 1 last season, and will cost around £7m. He's a very good player who will make the right-back slot his own. I suspect that Eboue will spend most of the season on the subs bench, being brought on as either right-back or right-midfielder in an attacking role. He just wasn't good enough last season.
Fiorentina are ready to offer us £5.5m for Ljungberg, an amount that I'd bite their hand off for considering that he's now aged over 30 and was pretty terrible for us last season. Even better, Valeri Bojinov may be thrown in as part of the deal since he's refusing to sign a new contract with them. Bojinov hasn't fulfilled the potential that he showed a couple of years ago, but I suspect that a couple of seasons with world-class coaches may help to remedy that. An unsourced Wikipedia article says that he is on the transfer list at Fiorentina for €14m (about £10m) so Ljungberg for £5.5m + Bojinov strikes me as a very good deal.
We still need a new winger though. I'm very keen on
Andrés Guardado, who PSV have also been interested in. It seems that PSV weren't willing to pay his release clause of $8m, but since that's only £4m due to the strong pound, that'd be a good deal in my eyes. The numbers are a bit jumbled - they might be willing to accept €6m according to another source, which is about the same amount. Another source says that a deal to PSV is now complete - any Dutchies want to fill in the facts?