The Gunners parted company with Arsene Wenger at the end of the 2017-18 season following their disappointing sixth-placed finish under Arsene Wenger.
Unai Emery replaced the Frenchman following his 22 seasons in charge of the north London side to usher in a new era at the Emirates Stadium.
Arsenal started their summer spending with the addition of veteran Juventus and Switzerland defender Stephan Lichtsteiner to improve their full-back depth.
The Gunners signed Germany international Bernd Leno in a £20m deal from Bayer Leverkusen to provide Petr Cech and David Ospina with competition for a spot in goal.
Borussia Dortmund centre-half Sokratis Papastaphopoulos was recruited to add more steel to the Gunners defence, while Lucas Torreira swapped Sampdoria for Arsenal in a £26m deal.
Matteo Guendouzi was signed from Lorient to prove that Emery does have one eye on the north London side’s future despite his litany of ready-made signings this summer.
However, former Liverpool FC and Manchester United striker Owen doesn’t believe Arsenal are strong enough to launch a top-four challenge this season.
“Arsenal start life without Arsene Wenger and I feel Unai Emery will also need time as he tries to get the Gunners back into the Champions League,” Owen told BetVictor.
“I’m not convinced they have the squad to make a top-four challenge, but they will pick up plenty of points at the Emirates although they must show they have the defensive capabilities to compete with the best on the road.”
Arsenal haven’t won the Premier League title since 2004.
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