Arsenal entered the new season having not won a major trophy since the 2005 FA Cup and off the back of selling their star player and top scorer from the previous campaign to a fellow title rival.
The loss of Robin van Persie to Manchester United was eased somewhat by the high-profile additions of Lukas Podolski, Olivier Giroud and Santi Cazorla, but Arsene Wenger's refusal to overhaul his young squad was met by more criticism from the club's fans.
They have managed to tie down a number of their young players to long contracts, but the Theo Walcott saga shows no sign of ending as the England international enters the final year of his contract.
Here, Sports Mole takes a look at how Arsenal have fared this season as they attempt to end their long wait for a trophy.
August
The club's Premier League season got off to a stuttering start as they secured back-to-back goalless draws against Sunderland and Stoke City, with Giroud, tipped as Van Persie's replacement, struggling to hit the back of the net having missed a sitter in the opening game against the Black Cats.
With Wilshere still on the sidelines, the club's midfield were also struggling for invention. However, the introduction of assistant coach Steve Bould had at least seemingly tightened up a defence that had been much criticised in previous seasons.
September
September got off to the best possible start as they picked up three points away to Liverpool. They then thumped Southampton on September 15 in their first match after the international break. The likes of Gervinho and Podolski were also impressing for the club as they continued their unbeaten start to the league season.
They also got their Champions League campaign underway with three points away to Montpellier, before picking up an impressive point away to current champions Manchester City.
League Cup progress was also ensured with a thumping win over Coventry City, but the month ended on a damp note with a 2-1 home loss against Chelsea.
October
Back-to-back victories followed at the beginning of October against Olympiakos in the Champions League and West Ham United in the league, but they suffered their second league defeat of the season against an improving Norwich City outfit on October 20.
Another defeat followed in the Champions League against Schalke 04, while they needed a late strike from Mikel Arteta to pick up the three points against a struggling Queens Park Rangers at the Emirares. However, they did book their place in the next round of the League Cup with an incredible 7-5 extra-time win over Reading.
November
November got off to a disappointing start with a 2-1 defeat to Manchester United, before they drew away in the Champions League to Schalke and at home in the Premier League to Fulham. They then welcomed Tottenham Hotspur in arguably their biggest match of the season to date.
Spurs took the lead early on, but a red card for Emmanuel Adebayor turned the tide and the Gunners eventually ran out 5-2 winners. They also continued their solid Champions League form with a 2-0 win over Montpellier.
The month ended with back-to-back draws against Aston Villa and Everton as they remained in and around the European picture with December approaching.
December
The Emirates stadium erupted with boos as the Gunners were beaten 2-0 by Swansea City at the beginning of the month to leave the club in 10th spot in the table. They were then defeated by Olympiakos in the Champions League, but still qualified in second place.
They recovered with a 2-0 win over West Bromwich Albion in the league, but were then sensationally knocked out of the League Cup by Bradford City on penalties, with many calling for Wenger to leave the club.
They secured back-to-back victories in the league with a 5-2 thumping against Reading, but the contract situation with Walcott continued to roll on.
There was good news on the contract front, however, with Wilshere, Aaron Ramsey, Carl Jenkinson, Alex Oxlade-Chamberlain and Kieran Gibbs committing their futures to the club. However, they were handed a tough Champions League draw against last season's finalists Bayern Munich.
They then faced a tough away trip to Wigan Athletic, but a second-half penalty from Arteta was enough to pick up all the points on a rainy afternoon in the North of England. West Ham United awaited on Boxing Day, but the match was postponed due to a Tube strike.