The Gunners travel to Everton this weekend looking to close the gap on Leicester City.
The Gunners have endured a disastrous 2016 so far, with their chances of winning the Premier League taking a serious hit.
Having sat top of the table at the end of December and level on points with Leicester City, they now find themselves third in the table and 11 points behind the Foxes.
Many believe they and Manchester City are now out of the race as a result, given there are so few games remaining in the campaign.
Not Keown though, who believes his old side are still in the race with this weekend’s trip to Everton now a cup final for them.
“This Saturday away at Everton is now Arsenal’s cup final,” he told the Daily Mail.
‘They will still be aching and bruising from the Barcelona game but there was no disgrace in going there and losing. It just underlined for Wenger there is work to do.
“As for the title race, it’s always important to be able to readjust your aims. Arsenal still have a chance but at the end of the season they won’t want to be looking back at particular games and be thinking about ‘ifs and buts’.”
The problem for Arsenal is that they may not have any say on their chances of winning the title given the gap.
Even if they were to go on an outstanding run of form between now and the end of the season, the Foxes and Tottenham do not look like slowing down at present.
Instead, they look more likely to increase the current gap, something Wenger will obviously be keen to avoid given the pressure already on him.