A false dawn like no other, and yet so strikingly similar to the rest of the transfer windows that Arsenal fans have had to endure over the past few years.
This summer window was supposed to be different, so said the club's very own chief executive Ivan Gazidis, trumpeting on about the financial might of the club from here on in.
However, here we are in the middle of August and Arsenal have bought one player - 20-year-old Yaya Sanogo on a free transfer.
Now Arsene Wenger goes into the first game of the new English Premier League season with no new faces and a couple of the old warhorses struggling with injuries, leaving an already wafer thin squad even more stretched.
The first game of the season is usually so vital to set the tone for the rest of the year - a flying start in the first four or five matches can set you on the way to the Premier League title or at least competing for it.
The likes of Luis Suarez and Luiz Gustavo might arrive before the transfer window closes, but come Saturday at the Emirates it will be the familiar faces of last season who will have a job to do against a robust Aston Villa side who have considerably strengthened over the off-season.
Paul Lambert has stuck to his policy of youth and after flirting with relegation last season, the manager will be keen to take Villa to the top ten of the Premier League.
Had Arsene Wenger acted quickly in the transfer market, Christian Benteke could have been an Arsenal player playing against his former club Villa. Instead, Benteke has signed a new contract and will be the main threat for the away side against the Gunners.
Olivier Giroud should be given the nod to start up front and while the French international had an impressive preseason campaign, bringing that form into the main arena will be vital.
Yes, Arsenal have plenty of options - both up front and in midfield (not so much in the defence though, with injuries and exits leaving that particular area threadbare) - but what Wenger's side were lacking last year were a couple of world-class talents.
Suarez will be the perfect addition, no doubt, even if he is suspended for the first six games of the season - but Liverpool do not look like they are willing to sell and Arsenal increasing their bid beyond the £50 million ($78 million) mark is hard to imagine, even if the money were available.
For now, though, as Wenger so often says, it is time to concentrate on the players that are available and hope that they will be good enough to give Arsenal a flying start to the season.
Thomas Vermaelen, Abou Diaby and Nacho Monreal are ruled out, while Mikel Arteta is also almost certainly out with a thigh problem.
Bacary Sagna limped out for France in a friendly, while Santi Cazorla could also find it difficult to start the game having travelled all the way to Ecuador with the Spain squad in midweek.
Villa will be without Charles N'Zogbia, Yacouba Sylla and Chris Herd, who miss the opener through injury.
It really is make or break time for Wenger -- because another season without a trophy and just battling for a top four spot is just not good enough.
Expected lineups: Arsenal: Szczesny; Jenkinson, Mertesacker, Koscielny, Gibbs; Arteta, Ramsey; Cazorla, Wilshere, Walcott; Giroud.
Aston Villa: Guzan; Lowton, Baker, Vlaar, Luna; Westwood, El Ahmady, Delph; Weimann, Benteke, Agbonlahor.
Prediction: 2-0 to Arsenal