The defeat to Monaco across both legs was the fifth time in as many seasons that the Gunners fell at the first knock-out hurdle, whilst two seasons ago they went out on away goals to Bayern Munich with the same scoreline as this term.
With Arsenal fans feeling down following the European exit, we look at the positives to take from the current campaign and what else there is to play for this season...
This season can still be more successful than the last...
They might not have got any further in Europe than last season but the Gunners can improve on their league finish. Last season they finished fourth, forcing them to go through the Champions League qualification play-offs. But they currently sit third in the table, just one point behind Manchester City, and on current form few would bet against them retaining or improving on their position.
Monaco 0 Arsenal 2 player ratings
Monaco 0 Arsenal 2 player ratings
1/24 MONACO Danijel Subasic
Looked suspect as Arsenal started to pepper his goal. Giroud made sure he got in the keeper’s face a number of times to distract him. Did enough in the end. 7/10
A quite poor display from the Brazilian. He struggled to contain Welbeck in the first half and Walcott in the second. 6
He was left to deal with Ozil and he did that job with relative ease. 6
4/24 Aymen Abdennour
An assured performance up against Giroud. Strong and positioned himself well 7
5/24 Layvin Kurzawa
Similar to the first leg, he never stopped charging forward. He was quick enough to track back and defend too. Didn’t close down Ramsey for Arsenal’s second goal. 6
6/24 Nabil Dirar
On the counter-attack he was very dangerous for Monaco but should have taken advantages of his chances better than he did. 6
7/24 Jeremy Toulalan
Back from injury and Monaco’s captain organised his midfield well. He won the majority of his battles with Cazorla. 7
8/24 Geoffrey Kondogbia
He was strong and intelligent but after he was booked early in the second half he lacked intensity. 6
9/24 Anthony Martial
Subbed after 58 minutes and didn’t play anywhere near as good as he did in the first leg. 5
10/24 Joao Moutinho
The creative midfielder showed again why Tottenham should have taken a chance when they were interested. 7
11/24 Dimitar Berbatov
Held the ball up well and tried to get a shot off whenever possible. Replaced by Silva on 68 minutes. 6
12/24 From the bench: Yannick Ferreira Carrasco
Showed a lot of energy when he came on. 7
13/24 ARSENAL: David Ospina
Colombian had precious little to do as the vast majority of the match took place in Monaco’s half. His poor display in first leg ultimately proved costly. 6/10
14/24 Hector Bellerin
Spaniard has impressed in recent weeks and put in a steady performance. Accomplished in defence and got forward to provide crosses from flank. 8
15/24 Per Mertesacker
Has not enjoyed his best season but marshalled backline well - not that that kept him overly busy. Slow to push up as Driar was harshly given offside. 6
16/24 Laurent Koscielny
Volleyed against bar when called offside and offered imposing threat at set-pieces. Made vital last ditch challenge on Ferreira-Carrasco. 7
17/24 Nacho Monreal
Offers more defensively than Gibbs and did not lack for effort as Monaco reorganised. His cross ultimately led to Ramsey’s goal but he tired near the end. 7
18/24 Francis Coquelin
Fortunate to escape booking after sliding in on Moutinho. Broke up attacks with ease to initiate Arsenal attacks. Sacrificed for Ramsey. 7
19/24 Santi Cazorla
Volleyed effort blocked by Wallace but unable to greatly influence from deeper role. Rarely ceded possession and but to no overall result. 6
20/24 Alexis Sanchez
Has shown signs of returning to form and shone in touches. Harshly booked for going to ground in area. Spent a lot of time on the ground. 6
21/24 Mesut Ozil
Did not impress with final ball and swapped shirts at half-time. Freshly attired, forced Subasic to tip free-kick over bar. Shot wide when well placed. 7
22/24 Danny Welbeck
Struggled with touch early on but fine ball for opener. Almost added an instant second and forraged to good effect. Replaced by Walcott. 7
23/24 Olivier Giroud
Strong challenge on Abdennour. Headed over bar and struggled with decision making before thrashing rebound for first. Missed late chances. 7
24/24 From the bench: Aaron Ramsey
Came on for Coquelin halfway through second half as Arsenal chased their second - something the Welshman duly provided within 15 minutes. 7
The Premier League title can't be ruled out...
Arsenal's hopes of winning the title were ruled out months ago, but a run of form that's seen them win eight of their last nine Premier League games has seen them close the gap on league leaders Chelsea to seven points. It's still a wide margin but Blues boss Jose Mourinho reckons the Gunners are still in with a shout. “Of course [Arsenal are in the race] as they are seven points behind, even if they have one less match to play than Chelsea," he said. "I keep thinking our opposition is better than theirs [over the run-in], but I think both teams are in the race.”
The FA Cup...
Arsenal cannot improve on their showing in the FA Cup having lifted the trophy last season - but they can retain it. A semi-final against Championship side Reading is the last hurdle before a second successive final. Should they make it, they would play either Liverpool or Blackburn.
They've shown they can win away against the big teams...
Arsenal's record on the road against the big teams has been awful in recent years, but this season Arsene Wenger's side have proved to themselves and everyone else that they can take three points away from the toughest matches of the season. Manchester United were well beaten at Old Trafford in the FA Cup whilst reigning champions Manchester City were beaten in the league.
Arsenal look to be on an upward curve...
Should Arsenal retain the FA Cup and qualify for the Champions League, this season will have been a success. If they can finish higher up the league than last term they will show progress. And there are signs they can be better again next term. Perhaps the greatest promise is in the shape of Mesut Ozil, who since returning from his most recent injury has been showing why the club shelled out £42.5m. Next term he won't have a World Cup hangover to get over either. Alexis Sanchez hit the ground running following his move from Barcelona last summer and at 26-years-old he should be better again next term. Meanwhile Hector Bellerin has come from nowhere to solve the right-back problem, Francis Coquelin has provided a genuine option in the defensive midfield role and Theo Walcott won't miss the entire first half of the next campaign. There are positives all over the pitch.
Once the season is over, there could still be excitement at the Emirates in the form of new arrivals. The last couple of windows have brought major signings in the shape of Ozil and Sanchez and Arsenal are expected to invest again.
- More about: