After such a great start with 22 games unbeaten, the Gunners have been brought back down to earth with recent back-to-back defeats to Southampton in the Premier League and to rivals Tottenham to exit the Carabao Cup.
A top four spot is now surely the best Arsenal can hope for this season, even if some fans had started getting a little excited about a potential rise up the table to challenge for the title.
This was, most likely, never realistic, even if Emery has done some fine work to improve on the rather weak squad left by his predecessor Arsene Wenger.
Having done some good business in the summer transfer window, with new signings Sokratis Papastathopoulos, Lucas Torreira, Matteo Guendouzi and Bernd Leno all settling pretty well (to varying degrees), Emery could probably do with more investment in his squad this January.
Read on to see our round up of likely ins and outs in the winter transfer window, which is now just days away…