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I think Arsenal doesn't have to make a major overhaul to become champions because they already have a pretty solid squad and a good coach. At most, they only need to sign a few players who are really needed and don't have to make changes on a large scale. Arsenal's real problem is that they still don't have the winning mentality that Man City and Real Madrid currently have, and I think if on several occasions they can reach the final, it will form that necessary mentality on its own.
Arsenal has the talent. They got the guys. But they're choking when it counts. It is about execution, not only about "mentality". They start hot; the media runs crazy; then... pffft. They wander off from their concentration. You have to remain ravenous all through season. Every game serves as the championship. Indeed, reaching the finals develops character; yet, winning those championships creates legends. Arteta, I find the man appealing, but he has to get this past their minds. There are no more justification now. "We'll get 'em next time is no more relevant." It is about winning right now.
Although the English press loves to sensationalize events, Arteta's role is to keep his men grounded. Not the headlines; concentrate on the game. Yes, they can beat the best, but consistency is really vital. From the first kick till the last whistle, they need that deadly instinct. Being a contender vs a champion differs in that regard.