I am pretty sure they are going to be busy in the transfer market, they do not have money at their disposal like some of the other big teams in England and Europe, but they can afford to make very decent signings.
If elite players are your thoughts when you speak of buying players, you can as well count Arsenal out on that. Arsenal are not the type of team that is into the business of buying made players where they have to pay huge wages. They rather get young talents and groom them into elite players suitable for good market proceeds. It's part of the business for them, other than winning trophies.
But even if you look at Arsenal like that at the moment, they are actually one of the clubs that are said to be wasteful and are in 4th place this season.
They don't bring in really bad players, but you could say it's average, it's just that the price they set isn't cheap either.
But indeed some of them are young players who have great potential and indeed it is still very feasible.