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Arsenal manager Arsene Wenger held a crisis meeting with his underperforming players, which resulted in him demanding them to achieve a top four finish or face a squad overhaul this summer.

The Gunners are licking their wounds after being humbled 3-0 at Wembley in the Carabao Cup final by Manchester City, a game they faced huge criticism after for their attitude.

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The manner of the defeat appears to have cranked up the pressure on the Frenchman, whose current deal at the Emirates expires at the end of next season, and apparently the 68-year-old has now issued his squad with an ultimatum; make the Champions League or face expulsion.

A source told the Islington Gazette: "Wenger had a board meeting yesterday [Monday] and today [Tuesday] told all first team players and coaches if club isn’t in the Champions League next season it is all change in the summer."

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As things currently stand, Wenger is rapidly losing the faith of the board at the Emirates, and despite his defiant press conference on Wednesday, the tactician's position will be reviewed at the end of the season.

The hierarchy are said to be succession planning, and Stan Kroenke's son Josh is supposedly set to take on a new increased role, and a shortlist of replacements for Wenger has already been drawn up, which includes Mikel Arteta and Leonardo Jardim.

Arsenal host Manchester City in the Premier League on Thursday night and will be utterly desperate to win to go some way to banishing memories of the terrible defeat at Wembley, with Wenger likely the most desperate individual in the stadium.