The Gunners defender says the fact that the club beat champions Leicester City in both league fixtures makes this campaign a huge missed opportunity.
Arsenal defender Hector Bellerin has told Sky Sports, as quoted by the London Evening Standard, that the fact that the club beat eventual champions Leicester City twice this season makes their failed title collapse even more frustrating.
The Gunners led the title race earlier in the campaign but a slump in form in 2016 has left them 10 points adrift of the Foxes and needing to hold onto their spot in the top four.
This season has been described as the best chance in recent years for Arsene Wenger's side to add another league title to their collection, and the North Londoners are the only club to have done the double over the Foxes this term.
The Gunners put in arguably their best performance of the season to beat Claudio Ranieri's side 5-2 at the King Power Stadium in late September, and Danny Welbeck headed in a stoppage-time winner to secure a 2-1 victory at the Emirates in February.
Bellerin, whose impressive individual performances have seen him named in the PFA Team of the Year, points to those two victories as evidence that Arsenal have missed a huge opportunity to seal a first league title in 12 years.
"We’ve managed to beat the champions so that makes us think we had a bigger chance than we thought.
"This year’s been a bit weird in terms of results because there have been big teams finishing really low in the table and smaller teams finishing higher. [For us] it means you have to be at your best every single game or you have no chance."
The Gunners' main aim for the last two games of the season will be to see if they can overhaul bitter rivals Tottenham Hotspur and finish second.
Bellerin's side are three points behind Spurs with two games to go, in which they face Manchester City away and Aston Villa at home.