Pierre-Emerick Aubameyang completed his £55million move from Borussia Dortmund with Olivier Giroud heading to Chelsea.
The Gabon international has consistently been one of the world’s leading goalscorers in recent seasons and only Lionel Messi, Edinson Cavani and Bas Dost scored more from Europe’s top seven leagues last season.
He joins Henrikh Mkhitaryan as new recruits at the Emirates, although Aubameyang will not be able to compete in the Europa League campaign.
The Gunners were hopeful of bringing in one more body before last night’s transfer deadline.
Jonny Evans was believed to be their next target but West Brom refused to drop their valuation with Arsenal pulling out of a deal.
Reports then emerged Arsenal made a last-ditch attempt to sign Kostas Manolas from Roma.
While Mkhitaryan and Aubameyang will no doubt offer the Gunners more firepower, former Premier League star Murphy doesn’t believe Wenger has targeted the right area to improve.
He said: “Do you play him up top with Lacazette? Does Lacazette go on the bench?
“Arsenal could buy Ronaldo. They can’t defend. They don’t get coached tactically so it doesn’t matter who they play up front.
“They can’t win enough games and they can’t stop conceding goals.”