Mikel Arteta's side pursued Morgan Rogers before turning their attention to Vinicius Junior and Julian Alvarez, but each pursuit ultimately fell short, with Vinicius committing his future to Real Madrid and Alvarez remaining out of reach in Spain, according to The Independent.
That leaves Arsenal facing the prospect of a quiet close to the domestic window, with the club instead expected to revisit the market in the new year.
Bournemouth forward Eli Junior Kroupi has emerged as an almost certain option for a January move, having impressed during his breakthrough season on the south coast before a foot injury sidelined him for several months.
Arsenal have continued to monitor his recovery throughout the summer, viewing him as a long-term solution on the left of attack once fit, and there remains a possibility that the situations around both Alvarez and even Vinicius could look different by the turn of the year.
The recurring mention of January has reportedly prompted some inside the club to reflect on a different missed opportunity earlier in the year: Antoine Semenyo. The Bournemouth forward was said to be keen on a move to Arsenal at what would have been a comparatively modest price, and sources close to the club describe a genuine sense of regret that the deal was not pursued at the time, given how effectively it could have resolved the club's attacking concerns.
Arteta is understood to have taken note of Manchester City's more decisive approach to their own summer business, a contrast that has not gone unnoticed given Arsenal's reputation for careful, deliberate squad building under a manager who remains the division's longest-serving and operates with a rare degree of control over recruitment.
That same measured approach, credited with keeping the champions in strong shape overall, has nonetheless left one specific gap that has been felt more keenly than almost any other club's shortcomings this summer.
Arsenal also explored a move for Juventus forward Kenan Yildiz during the window, though the Italian club's valuation of more than €70million proved a significant obstacle to any deal progressing.
As with Kroupi, that situation could resurface in a future window rather than being pursued at inflated cost purely to solve an immediate need, reflecting the club's broader reluctance to overpay simply because preferred options have proven unavailable.