Arsenal have signed Deportivo La Coruna forward Lucas Perez and Valencia defender Shkodran Mustafi for a combined fee of more than £50m.
Germany international Mustafi, 24, who won the World Cup in 2014, joins for a fee in excess of £35m.
Uncapped Spaniard Perez, 27, scored 17 goals in 37 games for Deportivo last season.
He was close to joining Everton before the Gunners met his 20m euro (£17.1m) release clause.
Right-back Calum Chambers has joined Middlesbrough on a season-long loan, while midfielder Jack Wilshere could also be going out on loan this week.
Arsenal have now signed six players this transfer window with Perez and Mustafi joining Granit Xhaka, and the young trio of Rob Holding, Takuma Asano and Kelechi Nwakali.
“He’s not only a goalscorer, he’s a guy who combines well with partners, who can give a final ball and makes good runs,” said Wenger of Perez.
“He’s got a good eye for goal and had an outstanding season last year.”
Speaking about Mustafi, Wenger added: “He is at the right age. He has good experience. He is a very focused player who can play with the ball as well. We have taken a great player but have prepared well for the future.”
Meanwhile, Werder Bremen are hopeful of signing Arsenal midfielder Serge Gnabry and say the transfer could be confirmed on Wednesday morning.
The 21-year-old was the joint top scorer at this summer’s Olympic Games with six goals as his Germany side lost the final to Brazil.
