The Gunners appear to have turned a corner under Unai Emery in recent months after a difficult start to the season for the new Arsenal manager.
The north London outfit lost 2-0 to defending Premier League champions Manchester City in their season opener, before a 3-2 defeat by their bitter rivals Chelsea FC a week later.
But Emery’s men have responded with an emphatic seven-game winning run to move them up the Premier League table.
Arsenal scored eight times and conceded just two goals either side of the international break to prompt talk of the Gunners finishing in the top four for the first time in two seasons.
Emery’s side will face sterner tests in the coming six weeks as Arsenal host Liverpool FC at The Emirates on 5 November before back-to-back games against Tottenham and Manchester United at the start of December.
Former Liverpool FC captain Souness insisted that it is too early to start making predictions about where Arsenal will finish this season given the tough clashes on the horizon for the north London club.
“I still reserve judgement,” Souness told Sky Sports’ Monday Night Football.
“Their challenge are the difficult games coming up, After the 5 November, if they’re still unbeaten, you’d be talking about them as challengers for the Champions League [places].”
Arsenal finished in sixth place in the Premier League table last term to miss out on a Champions League spot for the second successive seasons.
Wenger stood down as manager after the disappointing campaign, which saw Arsenal lost 2-1 to Atletico Madrid in the Europa League semi-finals.
Arsenal signed Juventus defender Stephan Lichtsteiner, Bayer Leverkusen goalkeeper Bernd Leno, Borussia Dortmund defender Sokratis Papastathopolous, Sampdoria midfielder Lucas Torreira and Lorient starlet Matteo Guendouzi in the summer transfer window.
The Gunners will face Blackpool in the League Cup fourth round at the end of the month.
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