The Gunners suffered consecutive losses to defending Premier League champions Manchester City and Chelsea FC at the start of the current campaign.
Arsenal, though, have bounced back with four successive top-flight victories to hoist themselves above Manchester United into sixth spot.
The Gunners have beaten West Ham United, Cardiff City, Newcastle United and Everton to provide some encouragement for long-suffering Arsenal supporters.
Pierre-Emerick Aubameyang and Alexandre Lacazette have both scored two goals in six outings in the Premier League season so far.
Unai Emery is stil facing concerns about his defensive given the Gunners have conceded nine goals in their opening six fixtures.
Former Arsenal playmaker Nicholas believes the Gunners could still manage to beat Manchester United and Spurs to fourth spot this term.
Nicholas told Sky Sports: “My prediction at the start of the season was that Arsenal and Chelsea were going to be the two to miss out because there was too much toing and froing,” he added. “I think that gap has closed for them because Man United are average and Spurs are struggling a little bit.
“I don’t think they are good enough because defensively it is telling me the honest answer is no [they are not], but they are improving and the good news for me is – what I have said from day one – that Pierre-Emerick Aubameyang and Alexandre Lacazette can play in the same team because Aubameyang is not a natural number nine.”
He added: “That is why it works better and they are starting to score a few goals and I am grateful for that. Until Arsenal adjust to this defensive set up – and let’s be honest at the weekend Petr Cech was man of the match, which tells you all you need to know – as it stands I am not expecting them to make the top four.
“If the improvement gradually carries on, I don’t see Chelsea or Man United being so much better, and I am a little bit more hopeful than I was at the start of the season.”
Arsenal finished in sixth place in the Premier League table last term to miss out on a Champions League spot for the second successive campaign.
The Gunners lost 2-1 to Atletico Madrid in the Europa League semi-finals at the end of the 2017-18 season.
The north London side signed five players in the summer transfer window to improve Emery’s squad.
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