Odds to win EPL: 12-1
The Gunners are one of the form teams in the Premier League at this very moment in time, having won five games on the trot. They will, in all likelihood, finish in the top four and will deserve their place in the Champions League if they do so.
However, this current form and probable finish in the top four will only paper over the cracks of a team in need of major surgery.
The Gunners continue to struggle at central defence and need either Thomas Vermaelen to return to form or a new defender at the very least. Per Mertesacker is good enough against the lower lights in the EPL as is Laurent Koscielny. However, both players struggle to deal with fast powerful strikers and make too many mistakes, Koscielny in particular.
They are good enough to get Arsenal into Europe, but they lack the quality needed for a title challenge of any sort. Mikel Arteta in central midfield also poses another problem for Arsene Wenger, the Gunners' manager.
Arteta is a converted midfielder and is really a square peg in a round hole in a defensive role at Arsenal. Again the ex-Everton man brings huge qualities to the EPL. However, he often goes missing at crucial moments against quality opposition and lacks real mobility to be considered a top-drawer player.
These criticisms may seem harsh as these players have helped Arsenal to finish in the top four for the last couple of seasons. They are, however, not good enough to win a title with and this is where Arsenal should be concentrating.
Midfield is well-stocked with the potential world-class talent of Jack Wilshere dictating games of all levels. Santi Cazorla has proved to be a player of some standing in his debut season and should be considered a frontrunner for player of the year next season.
They will be joined by Thomas Rosicky, if he can maintain his fitness, Alex Oxlade-Chamberlain and Aaron Ramsey as first-team players. The likes of Gervinho and Abou Diaby should only really be considered as squad players as they have struggled with fitness and inconsistency over the last number of seasons.
Midfield looks more than good on paper for Arsenal. However, their width is only given by forwards in wide positions like Lukas Podolski, Gervinho and Theo Walcott. Wenger may be better served by buying a wide midfielder with a proven defensive work rate rather than rely upon forwards coming back.
Up front Arsenal will look to improve again. Olivier Giroud has struggled to come to terms with the pace of the EPL, as has Podolski and neither player has contributed as much as many hoped. Walcott will always score against weak opposition and if Wenger wants his team to push on a level they will need to sign a top quality striker.
This may prove difficult though as Arsenal's weakest points are at goalkeeper and in central defence. It is unlikely that Wenger will give up on Wojciech Szczesny just yet. He is, however, not progressing at the rate he should be and 2013-14 will represent a huge year for the 22-year-old Polish star.
When push comes to shove, Arsenal will drop out of the top four for the first time in almost two decades because the teams around them will improve. The Gunners have proven that they struggle to deal with the big occasion and as they drop behind the top four they will struggle to deal with the pressure it brings.
Finishing outside the top four could prove the best thing to happen to Arsenal as it would force internal retrospection. This is turn should make the Gunners realize they should not be aiming to finish in the top four, they should be aiming to win the league.