The Gunners,who failed to win a match as they hosted the Emirates Cup last weekend, maintain there is plenty of hard work going on behind the scenes to strengthen the squad, albeit perhaps not in time to help with the Champions League play-off in a couple of weeks time.
Liverpool, however, remain steadfast that they have no intentions of selling star man Suarez - the forward reportedly considering legal redress to force the club to allow negotiations with Arsenal.
The London club have seen a specific bid of £40million plus £1 - which was believed would trigger the Uruguayan's release clause - rejected out of hand.
When pressed at the weekend, Wenger insisted he would continue to do negotiations away from a public auction, claiming the club were "on other different cases" as well as Suarez.
Having failed to deliver Real Madrid's Gonzalo Higuain as the Argentinean striker eventually opted for Napoli instead, Wenger does appear to have several others on the radar, with reports in Romania suggesting a free transfer deal for forward Ciprian Marica was close following his release by Schalke.
So far, though, France Under-21 forward Yaya Sanogo, who arrived without a fee on a Bosman from Auxerre, is the only confirmed signing.
Vice-captain Mikel Arteta said Wenger and the board were "working really hard" to deliver the players needed to bolster the squad's long-overdue bid for a sustained assault on the Barclays Premier League title, with Keswick - appointed chairman in June after Hill-Wood stepped down following his recovery from a heart attack - heading that up.
The 73-year-old life-long Gunners fan, a former director of the Bank of England, has been on the board since 2005, and Hill-Wood is in no doubt he will help the club drive on with their self-sustaining business model.
"We couldn't have a better man at the helm than Chips, he's absolutely first-class," Hill-Wood said in an interview with the club's official website.
"There are huge sums of money involved in football now and Chips certainly understands the world of finances better than most - he was a director of the Bank of England and has worked in finance all his life. He has a very good grasp."