Former Arsenal winger Paul Merson says the fans will feel cheated after the summer transfer window shut down with the only Petr Cech signed by the club.
The 47-year-old expects a repeat of last season with Arsenal enjoying positive spells during the campaign but failing in their attempt to win the Premier League.
"It cheats the fans," Merson told Sky Sports.
"The fans think 'what are we coming for? We turn up every week, we pay the highest prices and what for? Top four? We might get a day out at Wembley again in the FA Cup.' Wow-wee.
"There's a saying in life: Keep on doing the things you do and you'll get the same results. How different is this season going to be for Arsenal? It's the same team that finished 12 points behind Chelsea last year. Why, this year, will this team finish above Chelsea?
"I can tell you now, there will be a phase this season when they'll be unbelievable, win seven on the trot and play the best football you've ever seen. But at the end of the season, with this team and no signings, I'd be absolutely shocked if they won the Premier League."