Arsene Wenger faces a crucial summer for signings, especially with the Gunners likely to be without the attraction of Champions League football.
Despite the importance of playing in Europe’s elite club competition though, there is more behind Arsenal’s decline.
The club’s lack of success and lower ambitions than their big rivals has seen the likes of N’Golo Kante snub them.
While wages are a factor too, the Gunners’ record scorer claims winning is the greatest lure for any top professional.
In his column for The Sun, Henry said: “Why would the leading players who can have a real impact in the Premier League and improve that Arsenal team come to the Emirates?
Thierry Henry acknowledges Arsenal are no longer competing with Chelsea and Man Utd in the market
Not being in the Champions League didn’t stop N’Golo Kante joining Chelsea
“And I don’t base this on the fact that Arsenal look like they won’t qualify for the Champions League next season.
“Not being in the Champions League didn’t stop N’Golo Kante joining Chelsea from Leicester last summer.
“It didn’t stop Zlatan Ibrahimovic joining Manchester United. Kante was the hottest thing on the market last summer — and he chose to join Chelsea, not Arsenal who also wanted him.
“The Gunners had finished second in the Premier League, Chelsea in mid-table but still the brilliant little midfielder chose the Blues — and it turns out, he was not wrong. He is about to win the league and possibly a Double.
“All the elite players want to play in the Champions League — you want to test yourself against the best — but he decided that a season out of it was not going to kill his career.
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“For Kante there was more than one club in London and he chose Chelsea.
“And he wasn’t looking at past successes, trophy cabinets or history, but how attractive the move was.
“Kante is not an Arsenal fan or a Chelsea fan, he’s a fan of winning. And he clearly made the right choice.”
Arsenal could have around £200million to spend this summer, but Henry points to how even matching Jamie Vardy’s buy-out clause at Leicester was not enough for the Gunners to appeal to their targets.
He added: “We could compete financially — maybe not with Manchester United — but with the rest.
Antonio Conte lured N'Golo Kante to Chelsea over Arsenal last summer despite last season's failings
“So you need to offer something else. The club has money, we are told, so the wages must be on offer. And yes, London is great, the stadium is great.
“But it’s not just money, London or a shiny stadium. It’s the chances of success.
“Jamie Vardy refused to join Arsenal too. He preferred to stay at Leicester.
“If Man United had come in for Vardy would he have joined them?
“To be attractive again they have to win titles again. Easier said than done of course, but when you win, you’re sexy.
“Success attracts top players. It’s contagious. And then when you lose that becomes a disease too.”