The Gunners lost 1-0 to Tottenham Hotspur in the north London derby at Wembley last weekend following Harry Kane’s winner.
Arsenal are in sixth place and eight points behind fourth-placed Chelsea FC with 11 games to go in the Premier League campaign.
The north London side missed out on a Champions League place last term following a fifth-place finish behind Liverpool FC.
Arsene Wenger’s side signed Manchester United playmaker Henrikh Mkhitaryan and Borussia Dortmund striker Pierre-Emerick Aubameyang in the January transfer window.
The Gunners duo will be hoping to play in the Champions League table next season given their European pedigree.
Former Liverpool FC captian Gerrard told Wenger that Arsenal need to go full strength in the Europa League given the competition is their only realistic route back into the Champions League.
“They have to take [the Europa League] very seriously and try and do what Manchester United did last year and go all the way,” Gerrard told BT Sport.
“Top four is not looking good for them.”
Arsenal are still waiting to win their first European trophy under Wenger since the French coach took over the reins of the north London club back in 1996.
The Gunners have won the FA Cup crown in three of the past four seasons but suffered a surprise 4-2 loss to Nottingham Forest in the third round last month.
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