Former Arsenal midfielder Ray Parlour insists the team has not improved since Unai Emery took over from Arsene Wenger.
The Gunners faced fierce criticism after their 1-0 loss at Sheffield United on Monday, which brought an end to their eight-game unbeatean run.
Parlour told talkSPORT: "No, it's not better (than when Wenger was in charge), but it is a real opportunity.
"After we started really well during the start of the season, people were going: "Oh we can challenge for the title", and I said no chance!
"If they come fourth, it's a great season. Champions League football is the most important thing for Arsenal now going forward.
"If they come fifth or sixth this year it has been a failure again. Because they went into the transfer market and I think everyone was quite excited about the signings."
