Defeats to both Tottenham and Newcastle have left Mikel Arteta's side looking set for Europa League football next season, with their North London rivals having moved two points ahead of them in the race for fourth place.
Arsenal's pursuit of Champions League football was further impacted on Monday evening, when Newcastle beat the Gunners 2-0 at St James' Park, leaving Arteta's side needing a miracle on the final day of the campaign to qualify for elite European competition.
The Emirates Stadium hasn't hosted Champions League football since the 2016/17 campaign, and the Gunners' imminent failure to qualify for the competition next season - despite being four points clear of Spurs prior to last Thursday's North London Derby - could be set to have a major impact on Arsenal's summer transfer plans.
Manchester City's Gabriel Jesus is one of a number of players Mikel Arteta is reportedly keen to sign, with the Brazilian forward set to be one of several departures from the Etihad Stadium this summer.
The Premier League Champions have already secured the signatures of striking duo Erling Haaland and Julian Alvarez, with the pair set to join Pep Guardiola's squad from July.
Gabriel Jesus' future has been thrown into further doubt since the announcement that the Blues beat the likes of Real Madrid, Barcelona, PSG and Bayern Munich to Borussia Dortmund's Erling Haaland.
Arsenal have been heavily linked with the 25 year-old, who is out of contract at Manchester City in the summer of 2023, with positive talks have reportedly taken place between the relevant parties in recent weeks.
The Gunners are thought be seeking a move for between £40 million and £50 million, although no Champions League football could prove a sticking point in further negotiations, according to a new report by The Sun.
The newspaper claims that Jesus' team of representatives are not planning to rush into any decisions regarding his next club, and could still consider a move to North London despite the likelihood of the Gunners not having Champions League football.
Jesus, who has made 235 appearances since joining Manchester City in 2017, is said to have a good relationship with current Arsenal boss Arteta, who worked as an Assistant Coach under Pep Guardiola at City.
The Brazilian has attracted interest from elsewhere, notably in Italy, although the 25 year-old's current focus will be on Sunday's Premier League title showdown at the Etihad Stadium.