The Gunners are facing the prospect of finishing the season without silverware for the first time in three years after their FA Cup exit on Sunday afternoon.
If there was no reaction from here on in it would be hard for Wenger to stay
Arsenal lost 2-1 to Watford in their quarter-final clash at The Emirates just days ahead of their trip to Barcelona as the Gunners look to overturn a 2-0 first-leg deficit against the Champions League holders.
The north London side are 11 points behind leaders Leicester City in the Premier League, although the Foxes have played one game more than Wenger’s side.
Former Arsenal striker Smith insisted the only way Wenger can ease the mounting pressure is an improvement in their performances.
“It would be easier for Arsenal fans to take, that’s for sure,” Smith told Sky Sports.
“But if Leicester and, God forbid, Spurs win it they would question Arsene Wenger who has been talking about the financial gap all these years – paying off the stadium, Man City and Chelsea having bigger budgets.
“So for one of the others to go and win it makes his argument redundant and it would be really damaging. There would be a big swell of fans calling for him to go. If there was no reaction from here on in it would be hard for Wenger to stay.”
Arsenal have only won four of their last 14 games in all competitions.
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