IVAN GAZIDIS, chief executive of Arsenal and a key player in the Gunners’ transfer negotiations, says the club need to emerge from their transitional period and turn into a team who can compete for honours.

WENGER: Has been signing young players

Arsenal have embarked on a four-year trophyless run, stretching back to 2005 when they won the FA Cup, and have since adopted a fiscally prudent transfer policy in order to financially accommodate for their stadium move to Ashburton Grove.

The average age of manager Arsene Wenger’s first 11 has decreased throughout the latter half of the decade, and commentators have hailed the potential of the team. But Gazidis believes it is time to translate that potential into an accumulation of points.

"The road we have chosen is a challenging one,” he told The Guardian. “It involves developing young players we believe can form the basis of a world-class team over the next five years.

“And at times along that path we have had to pay for player development through points. Certainly the team need to turn potential into real results — they know it is time to step up,” he warned.

Arsenal have thus far only made one main addition to their squad this summer in 23-year-old former Ajax centreback Thomas Vermaelen.

Meanwhile, the Gunners have secured the services of highly-rated midfielder Jack Wilshere, when they confirmed yesterday that the youngster has signed a new deal, committing him to a long-term future at the club.

Wilshere, who has been compared with Arsenal’s great Irish playmaker Liam Brady, an icon at the club who starred at Highbury during the 1970s and 80s, is a versatile attacker, who can function anywhere across the midfield or further forward in a withdrawn striking role.

However, with another hot prospect, Wales international Aaron Ramsey, having also committed his future to the club on Wednesday, it seems that Wenger’s much-vaunted faith in youth is still intact. Wilshere, 17, made his debut for Arsenal as a 16-year-old last season in a 4-0 victory over Blackburn and went on to make eight senior appearances in total, having impressed in the reserve and youth teams at the Emirates.

Wenger himself was clearly pleased that Wilshere had signed.

“It’s such great news that Jack has signed a new long-term contract. He made great progress last season, playing at Under-18s, reserves and first team level and we all witnessed what a great young talent he is,” the Frenchman told his club’s website.

“At still 17 years of age, the potential is huge for Jack and we’re all delighted that he has committed his long-term future to us.”