To some, they are the most obvious 'top four' casualty, while others believe that this year could finally provide vindication for Wenger's huge faith in his young squad. Jeremy Wilson looks at the five major challenges facing Arsenal.
Finances
Arsene Wenger's managerial brilliance is proven but does he really have the resources to match Chelsea, Manchester United and now Manchester City? Despite past suggestions from the board that there is money to spend, the evidence since the move to the Emirates is that Wenger must effectively fund his signings with the money he generates from sales.
The long-term debt for the Emirates is compounded by the downturn in the property market and the need to refinance a £133 million loan for the Highbury Square development. Last year, net interest costs accounted for £17 million of expenditure, while repaying both the interest and capital on the Emirates amounts to an annual cost of around £20 million.
Revenues are healthy and Arsenal are competitive with the wages they pay, but it all essentially means that any improvement relies consistently on Wenger's day-to-day skills on the training pitch. Getting through the looming Champions League qualification tie is also crucial.
Playing squad
The big question is simple: Are these players really good enough? Arsene Wenger certainly thinks so and he says they have the ability to emulate Manchester United's 'golden generation' of Giggs, Beckham, Scholes and Neville.
Others, though, wonder whether the likes of Denilson, Nasri, Song, Diaby, Bendtner, Sagna, Van Persie and Walcott will take the final step from competing for top honours to actually winning them.
Concerns over the depth of the squad will also be highlighted following the departure of Emmanuel Adebayor, while Kolo Toure, one of the few Arsenal players who knows what it is like to win trophies, would certainly be a loss in terms of experience.
Wenger had said that he wanted to add experience this summer, but the only signing thus far has been the 23-year-old centre-back Thomas Vermaelen.
Injuries are another potential concern although Eduardo and Tomas Rosicky have performed encouragingly during pre-season after long lay-offs.
Leadership
Arsene Wenger insists that Arsenal have "captains" throughout the team but there remains a lack of an obvious imposing on-field leader.
There is currently no player with the stature of a Tony Adams or a Patrick Vieira and it was this deficiency which, arguably, cost them the league in 2007-8 when the team faltered in the final stages and seemed unable to recover from the trauma of Eduardo's injury against Birmingham.
The issue of leadership again dominated much of last season when William Gallas was stripped of the captaincy. Is Cesc Fabregas now the man for the job?
As a player, he commands respect, but some of his interviews during the Confederations Cup, particularly the unfavourable comparison between the team spirit at Spain and Arsenal, were badly judged.
Boardroom
David Dein, Keith Edelman and Lady Bracewell-Smith; the past two and a half years have seen a steady stream of unexpected departures from a boardroom that was once a byword for stability.
Few doubt that the major decisions are now made by Stan Kroenke and Danny Fiszman and, while new chief executive Ivan Gazidis appears to have been a stabilising and conciliatory influence, the political manoeuvrings behind the scenes remain considerable.
They also provide an uncertain backdrop, particularly with so many shares outside of the boardroom, including more than 40 per cent with Alisher Usmanov's Red and White Holdings and Lady Bracewell-Smith.
Fans
Given the age of the squad and the absence of a final element of self-belief that can only arrive with a first trophy together, the Arsenal supporters have a particularly important role. It is something Arsene Wenger is always keen to highlight and he even used his speech at last season's AGM to call on fans to offer greater support.
Even so there is often an air of frustration at the Emirates, something that manifested itself with the booing at different stages of last season of Emmanuel Eboue, Nicklas Bendtner and Emmanuel Adebayor.
The treatment of Wenger at an end of season shareholders' meeting also reflected the disappointment at four consecutive seasons without a trophy.
After a show of support for Wenger on the final day last season, a good start will help create the sort of positive home atmosphere that can relax and inspire such a young team.
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