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Arsene Wenger is playing a dangerous game of poker with his Arsenal career.

The club's transfer strategy is really quite simple: wait until the last minute, wait for all the pieces of the jigsaw to land and then pounce.

Yup, nearly three months after chief executive Ivan Gazidis's now infamous declaration of Arsenal's "escalation of financial firepower", they have made one signing. A free transfer.

It's now down to a roll of the dice, see who is still on the market on Monday - and then go for it. Basically, it's a last minute supermarket sweep for everyone else's cast-offs.

It is like Arsenal are on a desperate last minute prowl in a nightclub just before the lights get turned on. At this rate, they could end up with a costly fondle in the corner with Yohan Cabaye.

Yaya Sanogo was snapped up during Happy Hour. They're hoping to return to an old flame with Mathieu Flamini. But even Flamini once cheated on them in the past.

It is an absolute shambles. But it could work out brilliantly. If Real Madrid suddenly have a clearance sale to help pay for Gareth Bale, then Arsenal could come up trumps.

Whether they like it or not, Karim Benzema, Mesut Ozil and Angel Di Maria, could all be pushed out of the door. Especially if Real Madrid make a last minute move for Luis Suarez as well as Gareth Bale.

Yes, I know they all have reservations about leaving Madrid. But sometimes a player doesn't have a choice. They are forced out of the door - whether they like it or not.

(Image: Getty)

So, basically, Arsenal are pinning their hopes on that. And if you don't believe it is a possibility, then just remember Rafael van der Vaart joining Spurs at the 11th hour from Real Madrid on transfer deadline day.

But perhaps I shouldn't mention the T word, let alone the S word in an Arsenal column. Fact is Tottenham - oops, sorry - have put Arsenal to shame, breaking their transfer record three times.

They have gone for it. Their newly appointed Franco Baldini has gone out and done deals and highlighted the breakdown and failure in Arsenal's transfer system.

I have been guilty in the past before North London derbies of saying how many Arsenal players would get into the Spurs - oops, again - team and vice versa.

The fact is Arsenal have a better squad than Spurs because they finish above them each and every year. We can argue all day about who has better players in each position, but Arsenal have a better squad. The Premier League table says so.

But, in my opinion, if Arsenal don't strengthen dramatically this will be the year that changes and Spurs eclipse Arsenal. Mind you, I did tip Spurs to finish fourth last year.

Wenger has a remarkable knack of defying the odds. But Spurs look stronger even with the impending departure of Bale.

Arsenal, in my view, need a keeper, versatile defender, dynamic midfielder who can make pretty patterns as well as put his foot in. Plus a wide man and a striker. That's five players.

And they'd have to be good ones for Arsenal to bridge the gap between also-rans and genuine contenders. Otherwise, it's going to be another year of failure.

Even Wenger conceded on Tuesday that just qualifying for the Champions League is not good enough anymore. They need some silverware. And the difficult part to understand is they have the resources to make it happen.

(Image: Charlie Crowhurst)

That's why Arsenal fans are annoyed. That's why the atmosphere will be testy on Sunday. And it will get ugly if Tottenham win.

Arsenal are in grave danger of blowing it. They have a terrific first XI but the lack of depth in the squad is frightening. They can barely fill a bench, let alone an academy team.

Yes, they have injuries. Arteta, Vermaelen, Oxlade-Chamberlain and Podolski. But a title-winning team should be able to cope with four missing players.

It's rank bad management. So who is to blame? Ultimately it has to be Wenger. Wenger has the final say on transfers. To the point, it drives many to distraction. Final say on targets, transfer fees and wages.

The board want to do deals, they would happily sanction a £50m deal but Wenger has yet to get anywhere close to doing one this summer. Wenger's reputation for dithering is legendary.

It isn't just him. Gazidis will be judged on this window. Dick Law, Arsenal's transfer fixer, has a reputation among agents of being difficult to deal with. Agree one thing, then it all changes anyway.

People who know Law will argue that every decision has to be checked with Wenger anyway so it's the manager to blame. It's not unusual for Law to break off from meetings to ring the manager to check.

Law had one big world class deal done, agreed and rang Wenger only to be told he'd had a change of heart. That's the way it works.

That's what makes me think it will be difficult for Arsenal to pull off last minute deals even if players are being offered around at the final moment to help clubs balance the books. Too much dallying.

They are still in the market for a keeper. I don't think they'll go much higher for Cabaye but if Newcastle do have a change of heart and decide to sell a player who has gone on strike then it may yet happen.

Other than that, Arsenal are reliant on Real Madrid's cast-offs. Di Maria seems the most likely. Ignore what he says now. More stubborn statements have been made publicly - and deals have still happened.

The same goes for Benzema. Ozil was a player that Wenger wanted before he joined Real Madrid. But it could still happen if the Spanish giants need to balance the books. Again, his statement may mean little if Real Madrid want him out.

Flamini will surely get done. He has turned down other clubs to re-sign for Arsenal. Ignore the reports in Italian press that he wants £75,000-a-week. He doesn't want anywhere near that. But it has been a struggle to get done. He'll be a useful squad player.

But if Arsenal don't end up with more than just Sanogo and Flamini then this season, I predict, will be a disaster.

A disaster because the fans will get upset as Arsenal's wafer thin squad - therefore putting pressure on a smaller pool of players to train and play when not fully fit - cracks mid-season.

Disaster because the fans were promised big signings by Gazidis's statement. Not the press. We can't promise players. We can write about their targets but it's up to the club to deliver them.

And if Arsenal don't buy big it will be a disaster for Wenger because the fans will not wear another contract extension for the manager. They won't stand for it.

It will get really ugly if an injury-hit Arsenal don't have players to lift the team and the squad into the top four. The finances are there but they've not been spent. It's unforgivable.

Arsenal could beat Spurs, look to the improvement of Aaron Ramsey, even the development of Olivier Giroud. But I don't think it will be enough over the course of a season.

So Arsenal and Wenger better get busy before the transfer window shuts. Otherwise they're are heading for disaster.