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#3 Lucas Perez
Lucas Perez joined Arsenal after an impressive season with Deportivo La Coruna in the 2015-16 La Liga campaign, where he scored 17 goals to help the club avoid relegation.
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Considering his performances, Arsenal shelled out a reported £18 million for the player. But Perez failed to establish himself as a first-team regular for Arsene Wenger's side.
Despite occasional flashes in front of goal, including a hat-trick against Basel in the Champions League, the speedy frontman managed to score just seven times for the Gunners. He was eventually offloaded to West Ham for £4 million in 2018, a poor return considering what the club paid for him two years earlier.
Perez spent just one season at West Ham but was unable to settle there either and eventually moved back to Spain with Deportivo Alaves in 2019.
#2 Willian
It might be harsh to have a player who didn't cost Arsenal a single penny so high up the list. However, that is a testament to how disappointing Willian has been during his brief stint in North London.
The Brazilian winger arrived at the Emirates from Chelsea last summer after Mikel Arteta convinced the seasoned veteran how badly he wanted him in his squad.
Despite his enormous reported £180,000 a week wages, Willian failed to live up to the expectations, scoring a solitary goal across 37 games in all competitions last season.
Not only were Willian's performances lackustre, but he also ate up chances that might have fallen to prospects such as Reiss Nelson and Gabriel Martinelli.
It is highly unlikely that he will continue at the Emirates this season with Mikel Arteta already confirming that the Brazilian is in talks to leave the club. According to recent reports, Brazilian side Corinthians are interested in acquiring the services of the winger.
#1 Shkodran Mustafi
Shkodran Mustafi arrived in North London in the summer of 2016 for £35 milion from Valencia, making him Arsenal's fourth most expensive signing at the time.
It was thought to be a good deal at the time, given Mustafi was involved in Germany's 2014 World Cup triumph two years prior. He was also brilliant for his previous club Valencia, having formed an excellent partnership with Nicolas Otamendi at the heart of defense.
The former Everton centre-back hit the ground running at the Emirates, remaining unbeaten in his first 22 matches in an Arsenal shirt.
However, his form started to dip and soon Mustafi began making numerous high-profile mistakes at the back.
Arsenal fans were already beginning to lose faith in the German during Arsene Wenger's final campaign but it was during the 2018-19 season that the Gunners faithful turned on him.
Mustafi gave away a penalty in the 82nd minute against Crystal Palace, who eventually won 2-1 which cost Arsenal crucial points in their bid for Champions League football.
His performances continued to be questionable, making more errors, which ultimately resulted in the German departing for a free transfer to Schalke.
