Arsenal must be able to win the title next season. They already have a solid squad and they have been runners-up twice in the EPL. I'm not saying Arsenal should be EPL champions because that's quite difficult. But at least Arsenal can get one trophy this season. The Arsenal squad is currently in their best performance. I think if they fail to get the trophy again this will affect the players' confidence.
The previous season, Arsenal managed to advance to the quarter-finals before finally being defeated by Munich. I think it's already a good result but they deserve to go further in the UCL.
I would like to say a more humbling statement about ability of Arsenal on winning titles in the next season. I see that Arsenal are a strong team and they are competitive for titles too but it's more realistic to say they can win Premier League next season rather than win Champions League.
If winning a title is a progress, Premier League must be a title Arsenal can win first, after two latest seasons with races against Manchester City. Two seasons ago, the gap is big, the last season the gap is smaller and what if in a new season, the gap will be created by Arsenal when they beat Manchester City in this race.
In Champions League, Arsenal shown improvements last two seasons too but they will have to face with so many big clubs in Europe and their players have less experience in Champions League than in Premier League. In Champions League, Real Madrid with appearance of Mbappe in their team, will be a strongest team and will Arsenal be able to beat Real Madrid in any stage of knock out matches?
It will be very tough task for Arsenal and I doubt they can complete it well. In addition, there are not only Real Madrid but some other big competitors like Barcelona, Bayern Munich, PSG, Manchester City.