It wasn’t a secret that Arsenal manager Arsene Wenger was at Euro 2008 with his cheque book, but while inflated prices are being thrown around for a bunch of potential one-tournament wonders, Wenger has refused to get caught up in the hysteria.

Arsenal don’t need players who can turn it on once in a while and who might have caught the eye with one special performance during Euro 2008. They need quality players who can fit into the style of football that Wenger’s side play, without demanding huge ego-milking salaries. If you want money above football, then you might want to try Barcelona or Real Madrid - and if you don’t get any luck there, and you’re half-decent, you might get lucky down at Stamford Bridge.

It’s been a quiet summer for Arsenal transfer-wise, but the transfer window only opened this week, and there is plenty of time yet to get players through the door. Most of the talk surrounding Arsenal has been of players joining Mathieu Flamini and Jens Lehmann in leaving the Emirates – we’ll see what comes of it.

So far only Welshman Aaron Ramsey has signed up to Wenger’s dream, despite half of Europe being linked with a move to Arsenal. Although just 17, Ramsey was impressive for FA Cup finalists Cardiff City last season and has already made his international debut.

Marseille attacking midfielder Samir Nasri also seems to be on his way to the Emirates after making the announcement on his website, although both clubs and his agent subsequently denied it. Marseille announced the signing of Hatem Ben Arfa from Lyon on July 1, paving the way for Nasri to move to Arsenal, and the deal should be completed in the coming week for around £13.5m.

The situation at Arsenal might not be as bad as many believe. In midfield and forward positions Wenger has a choice of Nasri (if the deal goes through), Cesc Fabregas, Gilberto Silva, Denilson, Emanuel Eboue, Tomas Rosicky, Ramsey, Abou Diaby, Alex Song, Carlos Vela, Theo Walcott, Robin van Persie, Eduardo and Nicklas Bendtner at his disposal, assuming Aleksandr Hleb and Emmanuel Adebayor depart.

Hleb will be allowed to go once the deal for Nasri has been sewn up. With Nasri replacing Hleb, Wenger has plenty of creative talent already available to him with the return of  Rosicky and Eduardo, the signing of Ramsey, and with Vela being granted a work permit.

Replacing Adebayor is a different matter. Granted, Eduardo could take some time to get back up to his magnificent form before his broken leg, and even with Van Persie or Vela alongside him, that might not be enough for Arsenal. Van Persie is always injured and Vela was blooded as a left-winger in Spain, despite Wenger claiming his natural position is as an out-and-out striker, while Bendtner is from the same shooting school as Italy’s Luca Toni.

Euro 2008 top goalscorer David Villa was linked with a move to Arsenal, even making noises about a possible move to the Emirates by praising the football Wenger’s team plays and linking up with countryman Fabregas, however, after his performance this summer, his price has inflated. Villa would be great for Arsenal and the Premier League, but it’s difficult to see Wenger shelling out £20-30m for one player, even if he does receive a similar price for Adebayor.

Newcastle United’s Obefami Martins has also been linked to Arsenal, with a rumoured £13m contract release clause, but is he better than Eduardo as a main striker? He has done well on Tyneside in a very poor side, has a great touch and gives you a range of scoring options, but so does Eduardo. If Walcott and Vela are to break through this season as well I don’t see a need for another striker when there are a number already available.

The only positions Wenger needs to fill as a matter of urgency are in central defence and, following Flamini’s departure, the holding midfield role. William Gallas is not the player he was and Arsenal need a more consistent performer alongside Kolo Toure. Every other position on the pitch will be as good as covered when Brazilian Pedro Botelho is granted his work permit, while Denilson, Gilberto Silva and Song can all play in the holding midfield role if Wenger opts not to replace Flamini. There's little point speculating on who Wenger will bring in as it's very unlikely to be anyone rumoured in the press.