However, the north Londoners could yet qualify for the Champions League by winning the Europa League – even if Atletico Madrid make for the most daunting of semi-final opponents – and continental cup success might just be enough to save Wenger's job.
Too many of the Frenchman's key men have underperformed this season, resulting in an atrocious record on the road (they have yet to win away in 2018), even if Alexis Sanchez's defection to Manchester United in January hardly helped matters.
However, several players have stepped up to the mark, particularly in European competition in recent weeks, so it is only right that they are recognised.
Below, Goal picks Arsenal's top three performers for 2017-18, in descending order. But what do you think? Feel free to join the debate in the comment box at the bottom of the page!
3. NACHO MONREAL
Described as a “silent leader” by Wenger, Nacho Monreal has proved his reliability for the Gunners at left-back this season with a series of astute performances.
The 32-year-old Spaniard has made over 200 appearances for the club since joining from Malaga in 2013 and scored three goals and notched two assist during the first two months of 2018 – as many as in his previous 64 matches combined.
“For me he gets very much credit but maybe there’s a bit less focus on him because he’s not a candidate for the English national team, he doesn’t make many statements or he’s not enough on the social networks," said Wenger.
“But our job is about performance and I like the word of silent leaders. People who come, perform, they don’t talk, they go home and they come in the next morning, train well and the next day they do it again. They are the real leaders in the teams.”
2. AARON RAMSEY
The Welshman’s bustling runs through midfield, ability to pick a pass and create space for himself in the final third make him a difficult player for opposition defences to contend with, as illustrated by his record of 10 goals and seven assists.
Ramsey's contract expires next summer but negotiations over an extension are already under way, with Wenger determined to keep a player who is always sorely missed when he is out injured.
Indeed, the Frenchman is delighted that the 27-year-old now seems "stronger" than ever before because, when fully fit, Ramsey is one of Europe's most dangerous attacking midfielders.
1. MESUT OZIL
Would he stay or would he go? Mesut Ozil finally made his mind up at the start of February, killing off mounting speculation that he could follow Alexis out of the door on a free transfer this summer by signing a new contract.
That was undoubtedly a huge boost for Arsenal, as the former Real Madrid man is undoubtedly the club's best player when on form.
The Germany international, who has amassed 12 assists and five goals this season, retains that rare and valuable ability to create something out of nothing, making him a cult hero at the Emirates.
Ozil's performance against Tottenham in November will live long in the memory but his target now is to establish himself as a truly inspirational character.
"Mesut has committed his future to the club in a period where we are in a tricky position on that front, in qualifying for the Champions League," Wenger mused.
"You expect that he becomes the leader and takes the responsibility to lead the team to success. He can be the technical leader of the team."