The north London side have only signed two players in the summer transfer window as Arsene Wenger looks to transform his squad in a title-winning team.
Arsenal snapped up Alexandre Lacazette in a club-record £52m deal from Ligue 1 side Lyon and Bosnian defender Sead Kolasinac in a free transfer from Schalke 04.
The Gunners were 4-3 winners against Leicester City in their opening Premier League game of the 2017-18 season on Friday night.
Arsenal came from behind twice to secure three points thanks to late goals from Aaron Ramsey and Olivier Giroud in the final five minutes at The Emirates.
However, former Arsenal striker Henry isn’t convinced that the current Gunners team can challenge for the Premier League title.
“What bothers me the most is I think that team on paper is good enough to compete every year to win the league,” Henry told Sky Sports.
“It’s very difficult to win the league right now. But the not competing part, that’s what hurts Arsenal fans.”
Arsenal haven’t won the Premier League title since Henry helped to fire Wenger’s team to the top-flight crown in 2003-04.
The Gunners have won three FA Cup crowns since their last Premier League title success.
The north London side will make the trip to Stoke City in their next Premier League fixture at the Britannia Stadium on Saturday afternoon.
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