Monreal's arrival also represents a damning assessment of Santos's qualities as a potential replacement for Gibbs. Santos has looked a defensive liability throughout his 17 months at Arsenal and, although he could still occasionally feature in a more advanced left-sided position, he will now struggle to remain in first-team contention.
Monreal would be cup-tied this season in Europe after helping Malaga to top their Champions League group during qualifying for the knockout phase.
Gibbs, though, could still be back for the first leg of Arsenal's last-16 tie against Bayern Munich on March 19. If he is not, Wenger would have to decide between recalling Santos and, more likely, reorganising his defence with captain Thomas Vermaelen shuffling across to left-back.
With Monreal having been lined up to join Arsenal in the summer, it is understood that he has been taking English lessons and he may come straight into the team to face Stoke City on Saturday. He flew to London from Spain on Thursday night to complete personal terms and take a medical.
Arsenal have also failed in their attempts to add either a striker or holding midfielder this month. Klaas-Jan Huntelaar and David Villa were both targeted but Huntelaar signed a new contract at Schalke and Barcelona refused to sell Villa.
It still leaves questions over whether Arsenal have sufficient cover for Olivier Giroud, who is the only specialist central striker following the sale last summer of Robin van Persie. Wenger has also previously pointed to the options of Theo Walcott, Lukas Podolski and Gervino but, in practice, he has tended to prefer these players either side of a main central striker.
Arsenal also still seem reliant on Mikel Arteta in the holding midfield position but, having considered deals for West Ham's Mohamed Diame and Celtic's Victor Wanyama, Wenger decided that he already had sufficient quality.
Arsenal fans will still be concerned, however, that Wenger has placed their chances of a top-four finish at risk by not further strengthening this month. Wenger is adamant that this squad have enough quality to overhaul Tottenham and Everton.
Consistency has been the big problem for Arsenal, with their season summed up by the 2-2 draw against Liverpool on Wednesday when moments of defensive crisis were cancelled out by two wonderful goals. Podolski is adamant that Arsenal will still qualify for the Champions League.
"We will do it," he said. "We must start strong from the first minute and score the first goal. In the last weeks that has always been the problem, we are losing a goal and then having to come back. We must fight for the Champions League places and this is our focus."
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