We asked our experts, Dan Sheldon and Andy Jones…
DS: Undoubtedly Arsenal. Arteta knew exactly what his team needed to get over the line in the Premier League, having finished second in the last three seasons, and looks to make sure there will be no excuses if they fail to finish first in 2025-26.
Gyokeres, Eze, Zubimendi and Madueke are all first-team-worthy additions, while Christian Norgaard, goalkeeper Kepa Arrizabalaga and Cristhian Mosquera add quality to the squad.
They have spent a fair bit of money — just over £250million — this summer, but each hole that emerged last year, whether it was in attack or in midfield, has now been plugged.
AJ: As of right now, I would have to go for Arsenal.
Liverpool have done excellent and eye-catching business with the additions of forwards Hugo Ekitike and Florian Wirtz, full-backs Jeremie Frimpong and Milos Kerkez, centre-back Giovanni Leoni and future No 1 Giorgi Mamardashvili.
The signings are for now and the future, but those arrivals mean tweaks to a title-winning system and they will need time to adjust.
They have bought well, but they have also sold well, and in doing so, weakened their squad in forward areas. Arsenal, on the other hand, have addressed the areas they needed and have a deeper squad than they did last season.