It's quite funny watching Arsenal fans discuss transfers.
I would like Fellaini, but he wants £100k a week wages, with his contract it could cost up to £50m (after £22m fee.) Guess what? That's what good players cost. If you want to compete then you have to pony up the cash. Saying a deal is £50m is very misleading too, because that's a 5 year contract spent over 5 years, not in one summer, so it's actually £22m up-front with a further £5m broken down over 12 months and an undisclosed signing fee. Seeing it as one lump sum is a silly way of seeing things.
Another is that you would rather have Higuain over Rooney. Really? I'm a huge critic of Rooney and a Man Utd fan and I'd still rather have Rooney over Higuain. Yes Rooney costs more, but he'll bring in considerably more in marketing, shirt sales etc. Rooney is a huge world star in that regard, Higuain isn't. Rooney will get you goals and a change of scenery might be what he needs.
You talk like you can't afford him, you can. You can afford both. Comfortably. Arsenal charge a fortune for tickets, they're a world renowned club with huge revenue. You can continue to buy the likes of Gervinho, Giroud, Monreal and playing the likes of Ramsey, Rosicky, Sagna, Diaby etc. but where is that going to get you? They're simply not world beaters. How many major clubs would sign those and play them? If you have aspirations to be a serious club again then you're simply going to have to spend bigger and buy better. Simply signing Higuain is not going to be enough for you. Rooney would be a better signing for all that he offers you, both on and off the pitch, but really, you should be looking to sign both because whilst I actually like Giroud, he shouldn't be your first port of call as a striker at a club with the fantastic stature of Arsenal.
To look back a decade and see the likes of Vieira, Pires, Overmars, Henry, even Wiltord, and then now? Cazorla and Wilshere (if he can stay fit) are two talented players (though only Wilshere will bring in major revenue from marketing and merchandise) but you don't really have anyone else? Walcott? Ultimately you should be battling for the title, not just battling for 4th place. You're better than that. Don't go the way of the likes of Fiorentina and Valencia.
As the old adage goes, buy cheap, buy twice.