The Gunners are looking to finish in the top four for the first time since 2015-16 following two difficult campaigns under Arsene Wenger.
The French head coach parted company with Arsenal at the end of the 2017-18 season after a sixth-placed finish.
Arsenal have turned to Unai Emery to replace Wenger at the north London side following the Frenchman’s 22 seasons in charge.
The Gunners signed five players in the summer transfer window to bolster Emery’s squad ahead of the new Premier League campaign.
Former Arsenal defender Keown believes the Gunners have an outside shot of a top-four finish in the Premier League next term.
“It will be a really close battle to make the top four; Arsenal and Chelsea will push Manchester United all of the way and have an outside chance of claiming a Champions League place,” Keown told BBC Sport.
“Emery has had longer with his team than anyone else – they’ve largely all been together for the whole of pre-season – and they could potentially cause an upset against City on day one.”
Arsenal signed experienced Switzerland international Stephan Lichtsteiner in a free transfer from Serie A giants Juventus.
The Gunners have also brought in Bayer Leverkusen goalkeeper Bernd Leno in a £20m deal.
The north London outfit have also brought on Greece international Sokratis Papastathopoulos from Borussia Dortmund earlier this month.
Lucas Torreira became the fourth addition at The Emirates last week before Lorient teenager Matteo Guendouzi finalised a move.
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