The Gunners are in sixth place in the Premier League table and 13 points adrift of Liverpool FC and Tottenham Hotspur in the race to secure a Champions League for next term.
Arsenal missed out on a spot in Europe’s premier club competition this season after Liverpool FC managed to finish above Arsene Wenger’s side this term.
The north London side were 4-1 winners against CSKA Moscow in the first leg of their Europa League quarter-final at the Emirates Stadium.
Arsenal lost 2-1 to CSKA Moscow in the return leg to secure their progress to the semi-finals with a place in the Champions League up for grabs for the competition’s winner.
Atletico have a rich pedigree in European competitions since Diego Simeone took over the reins following their Europa League triumph in 2012 before losing to Real Madrid in the Champions League finals in 2013 and 2015.
Former Arsenal star Parlour believes Atletico remain favourites to beat Arsenal in the Europa League semi-finals.
“Arsenal have every opportunity to get to the final. The ones to beat are Atletico. They are slight favourites now,” Parlour told Sky Sports.
Arsenal signed Borussia Dortmund striker Pierre-Emerick Aubameyang and Manchester United midfielder Henrikh Mkhitaryan.
The Gunners have won the FA Cup in three of the past four seasons.
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