Season by season Arsenal never favorite team for winning UEFA Champion League, last season kicked out by Bayern Munich at quarter final round and can't remember well when the latest moment Arsenal success qualifying until semifinal or reach final round.
For phase round absolutely Arsenal easily for qualifying but after qualifying to knock out or quarter final round will get difficulty exactly facing the top teams. Still enjoying for other team fans make judge or joke about Arsenal as the top premier league team until nowadays not winning Champion League. Can't acceptable by Arsenal fans after many top player recruit still difficult to be the winner of Champion League.
Arsenal didn't do badly last season in the UEFA champions league they went on and on till the Semi Final and they were not knocked out by Bayern Munich in the Quarter final, rather they played against Real Madrid in the quarter final and won them well with quite a good margin 5-1 on aggregate. They then faced PSG in the semi final, they lost but they played well against them seriously.
I think Arsenal are really doing better now even though they are not fortunate enough to win trophies. I think they can actually challenge well as well but I don't really know about winning the trophy, if they are lucky they can win it it's not impossible. PSG also won it for the first time just last season.
I don't see Arsenal as part of the contenders in this season title race. Arsenal should first of all, win EPL before they can start chasing the Champions League title. Barcelona isn't showing too much of quality in them this season.
They are good and I think they just need luck to win but I won't say it's impossible. Winning the premier league is even more difficult than winning the champions league if you ask me. Who would ever believe Chelsea would win the Club World Cup.