The Gunners were forced to sell Robin van Persie to their rivals in August last year for £22.5m and then had to watch the Dutch striker's 25 goals help fire United to the title.
However, according to the Daily Star on Sunday, Arsene Wenger is now looking to take advantage of the uncertainly around Wayne Rooney's future at Old Trafford by making a shock move for the 27-year-old.
The paper says: "Arsenal are ready to put to the test Man United’s claim that Wayne Rooney is not for sale.
"Emirates boss Arsene Wenger is a big admirer of the England striker and is armed with a major transfer budget this summer.
"That could lead to a £25 million offer for Rooney, 27."
Rooney's £200,000-a-week wages and the fact that United would not like to sell to a Premier League rival are likely stumbling blocks, but if Rooney does leave then United could bring in Real Madrid striker Karim Benzema as a replacement.
According to the Sun the French international interests David Moyes and if Rooney is sold they would use the cash raised to launch a £30 million bid.
One big name striker who looks unlikely to now move to Premier League though is Atletico Madrid striker Falcao who is set for a shock £50m move to mega-rich French club Monaco.
The club from the principality have only just won promotion back to Ligue 1 but their Russian owner Dmitry Rybolovlev has deep pockets and a salary of €9.8m-a-year is expected to secure the Colombian according to the Sunday Times.
Falcao has been linked heavily with Chelsea and Manchester City in the past.
To some other rumours and Liverpool have held talks over signing £8million-rated teenage French defender Lucas Digne, The 19-year-old Lille left-back is one of the hottest properties in Ligue 1 and Kop boss Brendan Rodgers has identified the youngster as a key signing this summer. (Sunday People)
Tottenham have made Christian Benteke their No.1 transfer target this summer. But they will face fierce competition from Arsenal for the 22-year-old Aston Villa front man who has made a huge impact this season following his £7million move last August from Belgian club Genk. (Sunday Mirror)
Spurs are also planning to make a £10million move for Wigan cup final star James McCarthy as part of a major summer signing spree. (Sunday People)
Meanwhile, the other side of the that astonishing cup triumph is found at Manchester City, who will sack Roberto Mancini in the next two weeks. (Mail on Sunday)
A contract has already been placed before Malaga coach Manuel Pellegrini. According to sources close to the Chilean, Pellegrini has verbally agreed to take over from Mancini once City exercise a £3.3m release clause in his contract with the Champions League quarter-finalists. (Sunday Times)
Everton could save £10million with David Moyes’ departure, giving their next manager extra clout in the transfer market. Chairman Bill Kenwright is only likely to have to pay the Scot’s successor around half the Manchester United-bound boss’s £4million-a-year salary, which would make a significant difference over a five-year tenure. (Mail on Sunday)
In the race to fill Moyes' position, Everton are expected to first make a formal approach to Cardiff City to talk to Malky Mackay. (Daily Telegraph).
And finally Manchester United defender Rio Ferdinand is being targeted by seven clubs around the world. The Manchester United defender has had multi-million-pound offers from two Middle Eastern clubs, two from Russia, plus Turkish big-spenders Galatasaray and French outfit Monaco. (The Sun).