Liverpool is 12 points ahead of Arsenal and still 9 more games to be played in current season of EPL. Arsenal can win this season if they win most of their remaining games but they also want Liverpool to lose most of their remaining games. Liverpool who has lost just one game so far won't do silly mistakes at such crucial part of the season, they know they are 'Champions-elect' and all they need is to play football like they are playing earlier in the season. Arsenal second position is also in danger because Nottingham forest is closing the points gap for second position.
The chances of Arsenal winning the league is very slim, 12 points is a huge gap between them and looking at both teams i don’t think Arsenal is better than them performance wise and so the possibility of Arsenal winning most games and Liverpool losing most of their matches is almost impossible.
Liverpool looks to have run away with this season title so Arsenal should just get ready for next season in my opinion. Liverpool haven’t lost many games and they have only the premier league to worry about as they have been eliminated in the champions league and other competitions as well so they will focus on the premier league and try to win the trophy.