Spurs’ form at Wembley has been poor, with Pochettino’s men dropping points again at the weekend, when they could only manage a draw with West Bromwich Albion.
And Merson feels that Tottenham could now miss out on making it into the top four.
He said: “I think Tottenham could miss out on the Champions League, they need to be careful. I think Arsenal will make the top four, but only if Alexis Sanchez and Mesut Ozil both stay in January. But if they do not, then that top-four order will change again as I would not give them a hope of making the top four.
“I am not saying Arsenal are a better team than the others [Spurs and Liverpool], I am just saying I think the others will lose focus the way it is going.”
Tottenham have slipped out of the top four, after their draw with West Brom at the weekend.
Spurs are already 13 points behind league leaders Manchester City, with their home form becoming of some concern.
Tottenham have still been in very strong on their travels this term, and they are in action away from Wembley again this evening.
Spurs take on Leicester City at the King Power Stadium later today, and a victory would elevate them back into the the top four places.