... the short answer is nothing.
We're still playing games with Liverpool over Suarez, although his position there would seem to be untenable given that he's in the process of burning his bridges with both the Liverpool heirarchy and the fans.
Quite simply he's trying to force a move out of Liverpool, and is using Arsenal's interest as a lever. This doesn't mean that Arsenal is his preferred destination should he be sold. If anyone has actually read any verifiable quotes from the player stating that he wants to play for Arsenal then please tell me now.
I suspect Wenger brandishing his forty million and one quid might just be a pawn in the game.
Suarez to Madrid then. (Where he'll replace Higuain - another target that's slipped through the net due to our intransigence).
Fabregas to Manchester United - seems inevitable that he'll team up with RvP once again, forming a deadly partnership. These two should still be plying their trade in North London - simple as that - and once again I blame our club for this not happening. I'll be sickened if Fabregas ends up in Manchester.
The so called 'first refusal' that we have means nothing if the player doesn't want to come, and I suspect he's already told Wenger 'thanks but no thanks' which is sad. Maybe he wants to win the title as opposed to coming back to Arsenal.
Rooney seems to be staying in Manchester, although that could change. If he leaves he'll go to Chelsea.
Bernard seems to be available for the right offer. If we want him why don't we just pay the money? - same old penny pinching from Arsene.
That's about it, except that nobody seems to be chasing any of our players for a change. Funny that - I wonder why?