The hunt for Arsenal's first Premier League title since 2004 looks likely to be extended for another season with the Gunners 10 points behind leaders Chelsea.
And this week their Champions League hopes were left hanging by a thread after Bayern Munich hammered them 5-1 in the last-16 first leg.
Their recent form has led to further questions over whether Arsene Wenger should step down as manager at the end of the season.
Arsene Wenger has come under increasing pressure following Arsenal's recent form
Jamie Carragher has said Arsene Wenger can not use the excuse Arsenal can't compete financially
Arsenal have won just two trophies since 2005 – the FA Cup in 2014 and 2015 – and Wenger has often criticised the spending power of the likes of Chelsea and the Manchester clubs as opposed to his budget at the Emirates.
But Liverpool legend Carragher has pointed out Wenger's spending spree in recent years and believes they should be much closer to fighting for a title.
"In the current era, managers usually get judged on what they achieve over a three-year period," Carragher told the Daily Mail.
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"In that time, Wenger has never once progressed beyond the last 16 in Europe or challenged for the Premier League, finishing on average 10 points behind the champions. The whole point of moving to the Emirates was to fulfil those ambitions.
"Another issue for Wenger is this: since Mesut Ozil arrived in September 2013 for £42million, Arsenal have invested £222.4m on new players, with signings including Alexis Sanchez (£35m), Granit Xhaka (£34m) and Shkodran Mustafi (£35m) arriving.
"That is when there can be no more excuses about Arsenal not being able to compete financially, as Wenger used to protest; the net spend of £188.6m has only been eclipsed by the Manchester clubs.
"When there is an outlay of that extent, fans have every right to believe they should be closer to the title.
"To make matters worse, it looks like Chelsea are going to make the leap from 10th last season to claim their second title in three years. They will do that with a net spend of just £7.1m."