We haven't had a lot of luck buying reserve CBs in the past, Silvestre and Squillaci come to mind. Decent CBs are highly sought after and can go to clubs where they play regularly. Some of the names that were bandied around were just daft, Hummels is not going to come to Arsenal to sit on the bench and wait for Koscielney or Mertesacker to get injured. And Wenger cant just demote either of them or there is going to be a lot of player unrest and players wanting to leave the club to go to a place where they aren't treated as meat. Most players consider regular first team football as their #1 requirement for joining a club.
But Chambers will be playing a lot anyway for a youngster in his 1st season with a big club - and covering for Merts and Kos (and Debuchy) while learning his trade at CB - I'd imagine the cup games would be a perfect time to give one of Merts/Kos a rest and allow Chambers to continue to learn the CB trade.
Should have snapped up Harry Maguire from Shef Utd for 3m. 6ft 4, vastly experienced for his age, young CB with height & fantastic heading ability. Been League 1 player of the season for a few seasons and in the League 1 team of the season a couple off times too, yet still only 22ish. He would have been a perfect as a 3rd / 4th choice and would have been happy to move to a huge club and learn / bide his time to replace Merts.
I've heard his name mentioned a few times, begs the question why did no-one come in for him, plenty of scouts have looked at him....