By FOX SPORTS Staff
The Gunners' inconsistent form saw them knocked out of both the Capital One Cup and the FA Cup to lower division sides, and with it being virtually impossible for Arsene Wenger's men to win the Premier League title, the Champions League currently represents the only viable hope for them to end their eight-year trophy drought.
However, Arsenal already have one foot out of the Champions League door after they fell to a 3-1 home defeat in the first leg of their last-16 clash with Bayern Munich.
Arteta admits the Bundesliga league leaders will be a tough nut to crack when they meet again at the Allianz Arena on Wednesday and claims the Gunners have not played a better team than Die Roten this season.
"They (Bayern) were very good in the first leg and it will be even harder away from home as for me, they are the best team we have played this season," Arteta told the Daily Mirror.
"They are very strong physically, some very talented players who can unlock the door at any moment and they are really solid and organised. They are tough. They are the most consistent team in Europe."
For Arsenal, the most realistic goal they can aim for this campaign is to finish in the top four of the Premier League and secure qualification into next season's Champions League.
And Arteta, who acknowledged that the Gunners cannot afford to miss out on next season's Champions League, blasted his side for failing to challenge for more honours this season.
"The Champions League is massive," Arteta added.
"If we don't get in those (top four) spots, then it makes everything much more difficult.
"To any team with top players, you have to ask what's going to happen in this answer and there's only one answer: we want to improve the team.
"To see the club and the supporters, they've been through a difficult period over the last seven or eight years because it's a very competitive club and everyone wants to see the club at the top.
"The line between being good and bad is really thin. It's not easy for anyone, not the manager, the players or the staff. We have a very good team but we are missing that little thing which makes a difference.
"That's where we need to find the key, but with 10 games to go, it's an impossible catch (the title chasers) and that, for me, is not acceptable. I think everybody knows that. I think the board knows that and hopefully this summer we'll do something about it."
Arsenal's task of overcoming Bayern in the second leg of their last-16 tie will be made much harder after influential midfielder Jack Wilshere was reportedly ruled out of the game with an ankle injury.