Robert Pires claims Arsenal can still finish in the top four and insists the club's future "looks bright" with Mikel Arteta at the helm.
Only last month, the Gunners found themselves as low as 15th in the Premier League after a dreadful run of five defeats and two draws.
But the north London club have turned things around since Christmas, winning five of their last six games to arrive back in the top half of the table.
With seven points separating Arsenal from fourth place and just under half the season remaining, Pires sees no reason why his former club cannot continue their recovery and push for Champions League qualification.
Pires - who made 287 appearances for Arsenal - told The Sun : “Mikel is young and needs time to implement his ideas but I believe that once he has built his team, Arsenal will be competitive and ready to go toe-to-toe with the great English clubs.
"It’s hard but I would not even rule out that they finish in the top four and qualify for the Champions League this year because things change quickly in the league.
“If I see Liverpool having tough periods, I’m telling myself there is an opportunity for Arsenal to grab.
“They only need to get back to winning ways and then maintain the consistency. Then anything can happen.
“It’s imperative the supporters stay patient because Arsenal are in transition but the club’s future under Arteta looks bright.”
Arteta has turned to his talented crop of youngsters in recent outings, with Bukayo Saka, Emile Smith Rowe and Gabriel Martinelli helping the Gunners rise up the table.
Pires has been impressed by the Spaniard's management of his squad and insists he is the man to take Arsenal forward.
The French World Cup winner added: “I believe that Arteta is the right manager to rebuild the team.
“I’m optimistic for the club’s future because I see many quality players, not least the young players that have come through lately.
“Besides, Arteta played at a high level with Arsenal and was also Pep Guardiola’s assistant at Man City. The fact he played for the club means he knows the way Arsenal are supposed to play.”
Can Arsenal finish in the top four this season? Have your say in the comments.
Sign up to the Mirror Football email here for the latest news and transfer gossip.
