Failure to qualify for the Champions League would cause Mesut Ozil and Alexis Sanchez to leave Arsenal, making the club also-rans for years, according to Paul Merson.
Merson also believes under-pressure manager Arsene Wenger "looks lost" in his role for the first time since taking charge over 20 years ago.
Arsenal are on the brink of crashing out of the Champions League at the last 16 stage for a seventh straight season having lost the first leg 5-1 to Bayern Munich at the Allianz Arena.
The fourth-placed Gunners also face a fight to return to the competition, with Liverpool and Manchester United close behind them in the Premier League table.
If Arsenal fail to make the top four, Merson predicts it would take his former club years to recover.
"If they don't finish in the top four this season, they will just be an also-ran club for a few years," he said to Sky Sports.
"Sanchez will go and I don't see Ozil staying there. They have a lot of players who have been there a long time.
"If they don't finish in the top four I don't see a world-class player going to play for Arsenal next season.
"If that doesn't happen, how are they going to get in the top four next season? Man City will buy again, Man United will buy again, Chelsea will buy again.
"Maybe Tottenham won't because of their new stadium but Liverpool will buy again. All of a sudden Arsenal get left behind."
Merson thinks Wenger is as vulnerable as he has ever been at Arsenal, but wants the players to take their fair share of the blame.
He continued: "I know it's been same old, same old for the last three or four years, but the other night [at Bayern] was the first time I have seen him look lost.
"Even in the press conference, he went in with the thought that he was in trouble. That is the first time I have really seen him like that. Usually he is quite confident and he will get out of it by saying the right words.
"Sometimes you have to draw a line, though. He takes all the stick and I'm one of those people that is probably on his back as much as anybody else.
"But these players are letting him down. He puts a team out and puts a lot of faith in these players who have been there for a long time - not like a year or two - these players have been at the club four, five and six years. Some even longer.
"They are not performing. They are letting him down and they keep on getting away with it."
26 de septiembre 2017
|Seeded Sousa succumbs in Shenzhen|
|US Justice Department charges college basketball assistants in bribery scheme|
|Muguruza charges into Wuhan last 16|
|Mkhitaryan vows to bring consistency to Manchester United|
|Lacazette ´more like Wright than Henry´ - Winterburn|
|Verratti hails ascent of PSG to Bayern´s level|
|Former Newcastle chairman Shepherd dies age 75|
|Mourinho: Lindelof will improve step by step|
|Kimmich eager to tackle Neymar challenge|
|Stokes arrest a distraction for England - Morgan|
|Emery hints at PSG penalty rotation|
|´Not many solutions´ for Man Utd after Fellaini injury, says Mourinho|
|England all-rounder Ben Stokes arrested in Bristol|
|Neymar set to return for PSG in Champions League clash against Bayern Munich|
|PSG´s home hope against Bayern as Griezmann carries Atletico - Champions League in Opta numbers|
|Defending champion Pliskova battles through in Tashkent|
|Fabregas never thought about Chelsea exit|
|Gasly replaces Kvyat as Toro Rosso prepare for 2018 F1 season|
|Starke selection not a threat to Ulreich, claims Salihamidzic|
|Wallabies lock Coleman weighing up next move|
|Manchester City look unstoppable under Guardiola - Walker|
|Hitzfeld urges Bayern to stick with Ancelotti|
|Australia call up Tye for India T20 series|
|Las Palmas coach Manolo Marquez resigns after six LaLiga matches|
|Whiteley boost for Springboks|
|Fabregas: No pure striker better than Costa|
|Ancelotti will be measured on Champions League results, Ballack claims|
|Cowboys coach Green dismissed tiredness talk as ´a load of c**p´|
|Wenger bemoans ´cruel´ Arsenal schedule|
|Tianjin derby under investigation for possible match-fixing|
|Sharks dismiss Hayne speculation|
|Cubs clinch tie for NL Central title, deal blow to Cardinals´ play-off hopes|
|He said what?! The best NFL quotes from week three|
|Prescott ignites stagnant Cowboys offense in win over Cardinals|
|WATCH: Cubs´ Russell brings Cardinals fan fresh nachos after spilling into stands|
|Alonso announces move into management|
|Klopp considers starting ´artists´ against Spartak|
|Lacazette not just a goalscorer – Wenger|
|Jerry Jones, entire Cowboys team kneel before national anthem|
|Aguero only world-class Premier League striker – Henry|
|Steelers´ Villanueva ´embarrassed´ he stood alone for national anthem|
|Kane: I use Ronaldo and Messi as motivation|
|LeBron on protests: My voice is more important than my knee|
|Sproles sidelined with torn ACL, broken arm|
|Rodriguez penalty call correct for Wenger|
|Roethlisberger regrets Steelers´ decision to miss national anthem|
25 de septiembre 2017
|Pulis rounds on ´cheating´ Sanchez amid Rodriguez penalty row|
|Ramsey: Arsenal must make Emirates a fortress|
|Arsenal 2 West Brom 0: Lacazette double enough for Gunners as Barry breaks Premier League record|
|Yankees´ Aaron Judge breaks Mark McGwire’s rookie HR record|
|Dunbar a doubt for Scotland internationals after surgery|
|Benjamin MRI reveals no structural damage to knee|
|No Real Madrid doubts over Cristiano Ronaldo, insists Carvajal|
|England Ashes hopeful Westley escapes with bruised thumb|
|Nineteen years and counting – Barry´s record-breaking Premier League career in Opta numbers|
|Barry to break Giggs´ Premier League appearance record|
|US Open finalists Stephens and Keys suffer first-round Wuhan defeats|
|Zidane has faith in Real Madrid style|
|Suso pens AC Milan extension until 2022|
|Cavaliers hopeful of January return for Thomas|
|Real Madrid injuries will make no difference, says Bosz|
|A waste of time - Klopp baffled by media questions ahead of Champions League tie|
|Knicks make Anthony trade to Thunder official|
|Football Association backs Glenn over Sampson sacking|
|Juventus to appeal against fine, Agnelli ban issued by FIGC|
|Aguero and Jesus partnership delights Guardiola|
|Athletics´ Maxwell will continue kneeling despite threats & racial slurs|
|Deulofeu, Semedo return for Barcelona but Alcacer dropped for Sporting CP clash|
|Tom Brady disagrees with Donald Trump´s anthem comments|
|Guardiola uneasy over lofty Manchester City comparisons|