With Mathieu Flamini already packing his bags on his way to AC Milan, a whole host of rumours have permeated about the futures of many of Arsenal's prized assets.
Many of the key players in the Gunners' title push have emerged as either unhappy or ready to leave. But which ones should Wenger be worried about and does this constitute a crisis?
Firstly, the loss of Flamini is a huge blow. The defensive midfield position has become something of a phenomenon in modern football following the successes of Claude Makelele, and it appears that Arsenal do not have any ready-made replacements.
World-class alternatives on the transfer market appear limited and so Wenger could struggle to find a suitable replacement. Only Real Madrid's Mahamadou Diarra stands out as a possible signing.
Following Flamini out the door could be Belarussian Aleksandr Hleb. The winger has repeatedly expressed a desire to move over recent months and a transfer to Internazionale looks to be coming sooner rather than later. Despite two years remaining on his contract, Hleb looks set to buy himself out of all ties to Arsenal.
Stories in the press today remark that star striker Emmanuel Adebayor is requesting £80,000 a week to stay at the club. Whilst not an outrageous demand by today's standards, the fact that he is raising the point in the media before the end of the season suggests a level of unhappiness with his situation.
And, as always, rumours persist about Arsene Wenger's prodigy Cesc Fabregas. Never too far from transfer speculation, Real Madrid's president would have us believing he has the Spaniard on speed dial.
Flamini and Hleb will leave gaping holes in the Arsenal first midfield. However, with the emergence of Theo Walcott as a potential winger and Tomas Rosicky ready for action come August, the only desperate need is a defensive midfielder to complement Fabregas.
Which brings us to the crucial factor. Should Fabregas or Adebayor also head out of the Emirates, Wenger would have real cause for concern. The duo have been the consistent outstanding performers for Arsenal this year and to lose either could set the club back significantly.
Wenger has spent years nurturing Fabregas from a young prospect to an international standard central midfielder and no amount of money could compensate a manager keen to build his side around the youngster.
We have seen the outcome of an 'Arsenal crisis' last year with the departure of Thierry Henry, and in 2005 when Patrick Vieira headed for pastures new. Wenger seems to have the ability to pull rabbits from the transfer market hat whenever he needs it. However, a four-man exodus could be a crippling blow to an already fragile Arsenal squad. As has been said throughout the season, their first team is as good as any, but strength in depth is where titles are won.
If Fabregas and Adebayor should leave as well, Arsenal would indeed be facing a crisis that Wenger would do very well to navigate successfully.