Etherington retired back in December after a career which saw him make just shy of 300 appearances in the Premier League for Tottenham Hotspur, West Ham United and Stoke City.
Truro-born Etherington believes he is not the only one who thinks Arsene Wenger's side do not have the quality necessary to truly challenge for top honours.
He said on Twitter: "Everyone says it and it's true, Arsenal won't win the Champions League or Premier League anytime soon.
"It's the same tune every season."
Everyone says it and it's true, Arsenal won't win the Champions League or Premier League anytime soon. It's the same tune every season.— Matthew Etherington (@mattyethers) September 16, 2015
Does Etherington have a point?
Etherington's views, coupled with his past connections to the North London side's bitter rivals Tottenham, won't endear him to Gunners fans, but does he have a point?
After a spell of sustained success under Wenger, the Gunners ended a nine-year trophy drought when they lifted the FA Cup in 2014.
They won the same competition last year, but have failed to mount a serious title challenge in more than a decade.
No signs the usual script will be rewritten
Having secured what seems like their habitual place in the top four, Arsenal qualified for the Champions League group stages as usual.
The script, since the 2010/11 season at least, says the Gunners will finish second in the group and go out in the last 16.
Wenger's side seem stuck in football's own version of Groundhog Day.
Having only signed goalkeeper Petr Cech in the summer, the squad will have to cope through to January at least, and on the evidence so far, Etherington does not look like being proved wrong in the near future.