The Gunners were brushed aside 3-0 by Manchester City, who completed the first leg of a potential treble, and the Londoners now face AC Milan in the Last 16 of the Europa League – their last shot at glory.
Milan to win it all?
The Italian giants have not had the best season after spending over £210 million in summer, but are in a renaissance period after a run of 12 games unbeaten – including six wins in their last eight Serie A matches.
Perhaps the most crucial aspect, though, is that Milan sit seven points back of fourth-placed Inter in the league with just 12 games left, meaning the Europa League is likely their last route back into the Champions League.
Patrick Cutrone has found some form with four goals in his last five, whilst former Liverpool duo Fabio Borini and Suso have netted three times in that time, making their attack genuinely enviable for the first time this season.
Europa League favourites
It is also worth noting that many other teams with shorter odds than Milan are more likely to focus on their domestic exploits.
For instance, tournament favourites Atletico Madrid (9/4) sit second in La Liga and will likely be more concerned about staying there, whilst Borussia Dortmund (11/2) currently occupy second in Bundesliga but are just two points above RB Leipzig in sixth.
That being said, Milan's reasonably generous run-in makes them a top pick for Europa League glory. The Rossoneri do have a tough month coming up, with matches against Inter, Lazio and Juventus - alongside their two-legged affair versus Arsenal - amongst their next seven fixtures, but almost every league match after that comes against teams eighth or below.
For that reason, they will be able to focus on European football and play full-strength teams in lieu of of trying to make up ground on fourth place, especially if they fail to get many points in the above matches, and at 14/1 (15.0) they look a great value bet to win the competition.