The Gunners' title challenge has completely fallen apart in recent weeks, and the collapse was compounded with a terrible 3-0 loss at the hands of Everton, who have now cut the gap to fourth to just one point - and Roberto Martinez's side have a game in hand too as they look to mount a late charge into the Champions League places.
The nightmare spell for Arsenal could reportedly lead to a clearout from manager Wenger, who is coming under increasing pressure as it's now almost nine years since the club last won a trophy, and with no hope of winning the league title, things must change at the Emirates Stadium.
Reports suggest that four first team players could leave North London at the end of the season as Wenger looks to freshen up his squad, and the quartet are believed to be defenders Nacho Monreal and Thomas Vermaelen, as well as forwards Lukas Podolski and Olivier Giroud.
All have played their part in Arsenal's season, but with the summer transfer window approaching, would the four be missed if they left?
Firstly, Monreal has primarily played as a backup to Kieran Gibbs this season, and has voiced his frustration at the lack of first team football he receives, having seemingly lost his place in the Spain squad for the World Cup this summer. With Sporting Lisbon's Marcos Rojo linked with a move, it seems Wenger is targeting another left back this summer, which would certainly make Monreal expendable come the end of the season.
Centre back Vermaelen has also hinted at a possible exit this summer, but would be missed more than Spaniard Monreal. The Belgian has offered valuable cover to Laurent Koscielny and Per Mertesacker as well as at left back, but having previously been a star for the Gunners, the former Ajax man is desperate for regular first-team football. It may be hard to persuade Vermaelen to stay without any first team guarantees, but the 28-year-old is a key squad member at the Emirates Stadium.
Podolski should be one of the easier decisions to make. The German international has failed to impress since his 2012 move from Koln, and is by no means considered to be a key player at the Emirates Stadium. When the former Bayern Munich man does start, he doesn't grasp the opportunity and it feels like a long time since he had a good game. If there is interest from German sides, expect Wenger to let Podolski go and move on.
The most interesting situation comes with Giroud. The Frenchman is Arsenal's top goalscorer this season but he simply hasn't contributed enough in the big games this season, leaving Wenger desperately in need of a top class centre forward. Factor in that there are a number of off-field concerns surrounding the ex-Montpellier striker and you can easily see why Giroud could be heading for the exit. If the Gunners can find a top striker to replace Giroud, the French international could well be sold on.
Some of these decisions are harder than others, but decisions regarding the future of Vermaelen and Giroud are more difficult than those of Podolski and Monreal.