Based from what we have seen regarding their performance, Arsenal is not yet ready to beat the teams in the Champions League. But of course, the chance of going into this League is always there. We may not know their actual capabilities up until they show it game after game. For now, Premier League is more possible to win for this team and they can have very good standing on this League as compared to the Champions League.
Arsenal did not have the capability to win the Champions League now, they have good squad but I don’t think they can compete with the likes of Madrid and Manchester City in the Champions League because we have seen how they ended last season despite their performance in the Premier League, they couldn’t defeat Bayern Munich in the Quarterfinals which means they still need more quality and experience players to be able to win the Champions League. They can try again next season, but if they didn’t sign striker, they can’t make it because strikers win you trophies.