Ink on paper

The sixth British player to renew his contract with Arsenal in the last month may have the biggest ramifications.

Some may argue that Theo Walcott will have less impact on the pitch long term than, say, Jack Wilshere. But to finally see a contract wrangle end up without a first team player leaving under a cloud was just what the club needed. That creates a kind of optimism that shouldn't be underestimated.

As for new signings, some media have suggested that a clarification of Walcott's status was what was missing before Arsenal make their intentions clear in the January transfer market. I'm not so sure about that.

Were Walcott set to leave in the summer, the chance of Arsène Wenger signing a replacement would increase. However, the manager is deliberately trying to cool down the expectations. He almost always is.

All the players who can strengthen us are cup-tied in the Champions League.

A fair point from the manager speaking to the press yesterday. He used the rumour about Uruguayan striker Edinson Cavani as an example.

Napoli are playing for the title and the Champions League in Italy. What is Napoli's interest in selling Cavani? None, unless you say, ‘OK, we will pay twice the price of what the player is worth'.

This particular rumour is, in my view, a clear indication that the rumour-mongers around Arsenal are clutching at straws. Cavani is not the kind of signing Wenger is known for making. He's very expensive in term of a transfer fee, with a reported release clause of €45m. His wage demands would also blow up Arsenal's pay structure, which has just been stretched by Walcott's new deal.

So if that rumour is the most likely these days, then we can't expect much to happen in the rest of this transfer window.

Wenger also says:

You know that 90 per cent of transfer activity happens in the last week if not in the last 48 hours.

I've no doubt that the club is still looking to strengthen the squad. It's just that Wenger has other criteria for what 'strengthening' is than just squad depth and competition for places.

We can spend money if it is for a player we think gives us a plus.

It's logic really. When you employ someone new, it's either as a direct replacement of a key asset or as a new set of skills to complement or better what's already there.

Where supporters and club differ in their assessments, is how good the existing players are. The manager obviously has more faith in his current players than a lot of Gooners have.