After three games played, the Gunners have three wins and have conceded just one goal. They only remain off the top spot because Man City have scored one more than they have, though it'll be late November before the current top two face off against each other again, by which time the status quo could well have changed.
Arteta has transformed the Arsenal dressing room
The North Londoners certainly won't give up their grip on the Premier League trophy too easily, so if City or any other team were to get their hands on it, it'll be because they've absolutely deserved it.
Of course, no titles are won or lost in the first few months of the season, but in the final stretch, when muscles and minds are tired, and squad depth is tested to its fullest.
It's taken a few years for Arteta to get the team where he wants it to be, but after last season's title win and Arsenal coming within a whisker of a maiden Champions League, one can't really argue that he's almost there.
The Spaniard's hard line has seen the dressing room transformed, and with one or two studious additions, the Gunners are now an incredibly strong unit.
Guimaraes has given Arsenal options
Bruno Guimaraes was added to the mix this summer to give Arteta some options in midfield; Christos Tzolis has certainly hit the ground running after signing from Club Brugge, and Ezri Konsa will surely prove to be a solid central defensive partner for either Gabriel or William Saliba.
To that end, it's hard to argue with Arsenal's business in the window, though the number of targets they missed out on can't be glossed over either.
Indeed, that's precisely what could hit them hard at the back end of the campaign, unless there's a willingness to buy heavily once again in January.
Though no club is ever going to land all of their targets in a single window, and that's largely why it's believed that there is always a plan B or C signing, it's worth pondering the fact that over 20 players were courted at the very least by the Gunners, but were not secured.
No Anderson or Rogers
For example, Elliot Anderson, now of Man City, of course, was one of Arteta's earliest targets, and given the way in which he's taken like a duck to water at the Etihad Stadium, the 23-year-old was definitely one that got away.
Another player who can drive the team forward with a mixture of physicality and skill is Morgan Rogers, scorer of Chelsea's first goal against Arsenal on Sunday.
It would appear that both were considered too expensive by the North London club's board, but watching them sign for direct rivals might not be the best way of working.
That midfield pair were just the tip of the iceberg, too.
Alvarez signing was never realistic
Sandro Tonali, Alex Scott and Amadou Onana were all potential targets for the central midfield position before Guimaraes signed on the dotted line.
Not that the Brazilian is a bad signing by any means, but at 28 years of age, he has a limited shelf life when compared to his contemporaries.
Julian Alvarez would've been a fine addition to the front line, too, though he's made his bed and is having to very unhappily lie in it with Atletico Madrid at present.
With Leandro Trossard having moved to Besiktas and Gabriel Martinelli deciding that Al Hilal was the place to be, Arteta always knew that getting in a new winger was a priority.
Turned down by Vini and others?
Bradley Barcola, Yan Diomande, Vinicius Jr., Malick Fofana, Jeremy Monga and Kenan Yildiz... none are wearing the Arsenal red in 2026/27.
And then there's the defence, of course.
A move across North London isn't one that any player makes lightly, though there were genuine reasons to believe that Cristian Romero might've been the next to make that controversial switch.
He too went elsewhere in the end, to the sunnier climes of Madrid, with former club colleague Micky van de Ven eventually signing a new deal at Tottenham instead of incurring the wrath of their supporters by pushing through a move to the Emirates.
In the cold light of day, that's a long roll call of talent to miss out on; whatever the whys and wherefores, the next few months will remind Arteta just how close he really is to having the sort of depth that wins you European trophies.
