Arsene Wenger reinvented the club and completed some sensational deals in the transfer market during his time in charge.
In recent times, Pierre-Emerick Aubameyang has been the Gunners’ top recruit, having shown his importance to the team on a regular basis.
His man-of-the-match display against Chelsea in the FA Cup final on Saturday saw the striker and captain score twice in the 2-1 victory.
Mikel Arteta now faces the prospect of desperately trying to keep the goalscorer in north London as the club look to tie him down on a new contract.
Looking back, though, these 10 below were simply gold dust for Arsenal after arriving, becoming heroes in red.
Daily Star Sport has ranked Arsenal’s ultimate transfers - and there are certainly some absolute bargains in the list.
10 - Freddie Ljungberg - Halmstads BK, £3m (1998)
An integral part of the famous Invincibles side, Ljungberg was revered by fans within minutes of his debut. Before then a relatively unknown Swedish winger, his hair dyed red and his reputation based off a few seasons in the Allsvenskan, he scored early on in a game against Manchester United and from then on excelled.
Ljungberg twice scored in FA Cup finals and was named Premier League Player of the Season in 2002.
Had it not been for persistent injuries, he would likely have stayed at Arsenal longer. When he left for West Ham in 2007, though, he had still enjoyed an exceptional nine-year spell at Highbury.
9th - Robin van Persie - Feyenoord, £3m (2004)
Few could argue with Wenger’s talent in spotting a bargain. Van Persie arrived from the Netherlands as a fresh-faced 20-year-old and before long was rifling goal after goal into the net with his lethal left foot.
Having taken a couple of seasons to get going, he became a reliable goalscorer, and by the time he left for Manchester United in 2012 had netted 132 goals in 278 appearances.
Just £3m for one of the Premier League’s most talented forwards remains among Arsenal’s best pieces of business.
8th - Sol Campbell - Free transfer (2001)
Campbell’s decision to join Arsenal after his contract with Tottenham expired was, predictably, a controversial one.
But his former allegiances were soon forgotten by fans at Highbury. The powerful defender became a rock at the back, another leader in an already strong Arsenal defence.
Campbell scored in the 2006 Champions League final against Barcelona, too, and did his best to keep out the Catalonian side at the other end of the pitch. It didn’t work out on that occasion, but he remains one of the Gunners’ shrewdest acquisitions in the transfer market.
7th - David Seaman - QPR, £1.3m (1990)
Arguably Arsenal’s greatest ever goalkeeper, Seaman did not, relatively speaking, cost a lot of money.
And the Gunners certainly got their money’s worth: the pony-tailed Englishman spent 13 years at the club, making 564 appearances and winning three First Division titles, four FA Cups and one League Cup.
Few goalkeepers were as consistent during that era of English football. Seaman, in his first season at Arsenal, kept a record-breaking 23 clean sheets, which set the standard for the rest of his career with the club.
6th - Robert Pires - Marseille, £6m (2000)
The first few months of Pires’ Arsenal career were not easy. He struggled to settle and appeared a little out of place, with some suggesting that the Premier League might prove too physical.
That soon changed, though, He formed a formidable partnership down the left flank with Ashley Cole and Thierry Henry, his gliding runs and unerring technical ability often too much for defenders to handle.
He scored 84 goals in 284 appearances and was a key member of the Invincibles team that stormed to the title in 2004.
5th - Cesc Fabregas - Barcelona, £1m (2003)
Get the latest transfer news straight into your inbox!
Sign up for the brilliant new Daily Star Sport email newsletter!
From the latest transfer news to the agenda-setting stories, get it all in your email inbox.
Put your email in the box at the top of this article or you can follow instructions on this link here.
Fabregas was just 16-years-old when he joined Arsenal having failed to make the cut at Barcelona.
He had been highly rated at La Masia, the club’s famous academy, but competition for places in midfield was stiff.
At Arsenal, though, he quickly established himself as one of Europe’s most gifted playmakers. His range of passing and ability to break forward from midfield was matched by very few in the Premier League.
Fabregas became Arsenal’s captain in the 2008-09 season as Wenger turned more towards youth. The trophies dried up in the years that followed but the Spaniard was a constant, a standout performer almost every week.
In 2011, he made his dream move back to Barcelona for a fee of £35m. His time at Arsenal was up, but Fabregas had done more than enough to prove himself one of the club’s best ever signings.
4th - Patrick Vieira - Milan, £3.5m (1996)
Arsenal have never really replaced Vieira. He was a commanding, dominant presence in midfield, a reassuring presence on the ball as the Gunners went on a 49-game unbeaten season and swept almost every opponent aside.
The Frenchman won three Premier League titles and four FA Cups during his time at the club. He had a bitter rivalry with Manchester United’s Roy Keane, too, which only added to his popularity at Highbury.
"You can only have lots of respect for what Patrick has achieved," Wenger said. “His career is sensational. He was an exceptional player for us. Patrick was special.”
3rd - Dennis Bergkamp - Inter, £7.5m (1995)
Few players have looked as graceful, as elegant on a football pitch. When Arsenal signed Bergkamp he became the club’s record transfer, and there was some concern that the Dutchman might struggle to live up to expectation.
The Independent reported at the time on Bergkamp’s big salary. “His contract is reportedly worth £25,000 a week, making him the British game's highest-paid player and shattering the wage structure rigidly maintained under George Graham's management,” wrote Phil Shaw in the newspaper. How times have changed.
Bergkamp, though, proved more than worth this outlay. He scored over 100 goals - many of which were spectacular - and managed ten trophies during his time at Highbury. He was a player of immense skill and a fan favourite from the beginning.
And his partnership with Henry was a terrifying prospect for opposition defenders.
2nd - Ian Wright - Crystal Palace, £2.5m (1991)
Not everyone was convinced when Arsenal signed Wright for a then record fee in 1991. He had started late, only signing his first professional contract at the age of 22.
But Arsenal had been impressed enough with his form at Crystal Palace to take the leap. It proved an inspired decision. He scored a hat-trick on his league debut against Southampton and didn’t look back from there.
Wright, over a seven-year spell at the club, scored 185 goals in 288 appearances and became the Gunners’ record goalscorer (until Henry came along a few years later).
1st - Thierry Henry - Juventus, £10.5m (1999)
Certainly the best signing of Arsene Wenger’s tenure, Henry had, by the time he left for Barcelona in 2007, scored 228 goals in an Arsenal shirt.
When the Frenchman arrived in North London, he was a gangly 21-year-old, highly-rated but yet to establish himself as a consistent performer at the top level. Under Wenger’s guidance, though, Henry thrived.
He helped Arsenal to two Premier League titles - one of which was the Invincibles triumph in 2003-04 - and came close to a Champions League title, too.
Henry was, without any doubt, a club legend within a few years of joining the Gunners. "Thierry Henry could take the ball in the middle of the park and score a goal that no one else in the world could score,” Wenger said of the forward.
No player since has had as significant an impact - apart from arguably Aubameyang post-lockdown.