Speaking on Sky Sports, Gary Neville said: "We can always say it's a bad window when clubs don't sign players but sometimes it can be a good window when you don't have players leave your club and you can have some stability.
"Sometimes players coming in during January window can upset things anyway and destabilise the dressing room. Arsenal have been one of the main talking points over the last few months and them needing to bring in another striker.
"Yes, Arsenal just don't punish teams enough. But if that player is not available or if the player that is available is a huge price which means they will have to blow the wage bill then I think it's sensible that the clubs haven't done business."
Arsenal had a quiet January transfer window, focusing on sending young players on loan and not making any first-team signings.
Brentford striker Ivan Toney was heavily linked with a move to the Emirates but the Gunners decided to push the potential deal until the summer.
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