The Gunners have slipped out of Premier League title contention in recent years, with the ‘Invincibles’ of 2003-04 the last side to get their hands on the top-flight crown.
Wenger even saw his side tumble out of the top four for the first time under his stewardship last season, leaving them without Champions League competition.
While they are now taking in Thursday night action in the Europa League, arch-rivals Tottenham are drawing plenty of plaudits at home and abroad – with Spurs piecing together another title bid while picking up positive results such as a 1-1 draw with Real Madrid in Europe .
Keane believes power has now shifted in north London, and across the board when it comes to Arsenal.
"I think most teams in the Premier League are ahead of Arsenal," the outspoken Irishman told ITV when quizzed on the current state of affairs at Emirates Stadium.
Former Arsenal defender Lee Dixon also conceded to ITV that Tottenham continue to show signs of promise while the Gunners stagnate.
He said: "Spurs now are rock solid, a really good team. They went to Real Madrid, they were very brave and showed a lot of courage.
"The manager and players deserve great credit because this is a top Tottenham team now.
“They can be a threat in the Champions League, getting into the knock-out stages and getting to a quarter-final maybe."
Arsenal are set to face Red Star Belgrade in continental competition on Thursday , with the Gunners seeking to offer a positive response to a disappointing 2-1 defeat at Watford last time out which saw Hornets striker Troy Deeney accuse them of lacking the “cojones” for a fight.
Jack Wilshere is among those to have hit back at those comments , with the England international determined to help Wenger’s side silence their critics.
He said: "As a player if you're attitude is questioned, it's horrible.
"I look around this team and you can't question our character. People try and put us down, they always have.
"I don't think the comments were justified. When we look back at the game we look back at ourselves and what we did wrong. I don't think we can look back and question our character.
"We did certain things wrong but we certainly didn't want to let the lead slip. We will move on.”