The north London side have continued their recent regression in the Premier League to heap further pressure on Arsene Wenger.
Arsenal lost 2-1 to Newcastle United at St James’ Park last weekend to leave the Gunners in sixth place in the table.
The Gunners are 14 points adrift of fourth-placed Tottenham Hotspur with five games to go in the Premier League in the current campaign.
Wenger’s side can still qualify for next season’s Champions League if Arsenal manage to win the Europa League for the first time.
The Gunners will have to get past La Liga outfit Atletico Madrid in the Europa League semi-finals to reach the showpiece in Lyon.
Atletico are the strongest team left in the competition with the winners of the tie set to face either Marseille or Red Bull Salzburg in the Europa League final.
Former Arsenal star Merson believes winning the Europa League would salvage the Gunners’ season.
“I really worry for Arsenal at the moment, but then on the other hand, if they win the Europa League, it’s a great season,” Merson told Sky Sports.
Arsenal have won the FA Cup title in three of the past four seasons.
The Gunners signed Borussia Dortmund striker Pierre-Emerick Aubameyang and Manchester United playmaker Henrikh Mkhitaryan in the January transfer window.
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