Diego Costa scored the only goal of the game on the stroke of half-time to hand Atletico a 2-1 aggregate victory over the Gunners and dump Arsenal out.
The result means that Arsenal are set to miss out on a place in the Champions League for next season, with the Gunners heading for a sixth-placed finish in the Premier League table.
It’s a disappointing send-off for Arsene Wenger, who is stepping down as Arsenal boss at the end of the season after nearly 22 years in charge at the club.
However, former Manchester United star Keane feels that the Arsenal players did not perform well enough to merit a place in the Europa League final.
Speaking to ITV Sport after the game, Keane said: “Arsene Wenger deserves better, but the I think the players deserve what they got and that is nothing.
“The Arsenal players lacked belief. I have been critical of Arsenal over the last few years for a lack of leaders and characters, but tonight it hit home that they have a real lack of quality.
“Arsenal get into good positions and they have some good players, but their players think they are going to get four or five touches in the box.
“The good positions they got themselves in and they have one shot on target all night?”
Arsenal will now turn their attentions towards Wenger’s final Premier League home game in charge, when they host Burnley in the top flight at The Emirates.
The Gunners have not won the Premier League title since their famous unbeaten triumph in the 2003-04 campaign when they were still playing their home games at Highbury.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news