Unai Emery failed to land three players he had targeted before he was sacked at the Emirates, The Athletic reports.
The Spaniard wanted Harry Maguire, who is now at Manchester United, along with Atletico Madrid's Thomas Partey and Crystal Palace winger Wilfried Zaha.
Emery had spent over £130million during the summer, in what the club thought was a successful transfer window, but he did not get any of his top targets.
Arsenal was forced out of the race for Maguire by United and Manchester City.
Instead, they brought in David Luiz from Chelsea and Nicolas Pepe from Lille.
Emery was sacked by the Gunners at the end of last month, after overseeing the club's worst run of results in over two decades.