The north London side have fallen behind in the top-four race after three straight defeats in the Premier League – the latest a 3-0 thumping by Leicester on Sunday.
Qualification for next season’s Champions League through their league position is still a possibility, as they only sit two points behind fourth place Chelsea with two games left to play.
But they also face two tough Europa League semi-final ties against Valencia, with the Gunners hosting the first leg on Thursday.