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It would be their third consecutive runner-up finish and raise further questions about manager Mikel Arteta's ability to cap five years of sustained progress with the silverware their fan base craves.
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Speaking to ESPN this week about his plans for next season, Arteta said: "We're very clear about what we need to do to improve.
First, what is in our hands to improve and what we can do with the squad we have, and then the improvements the team will need in terms of methodology, in terms of coaching staff, in terms of departments, in terms of players and, once again, to be better."
What are those areas where Arsenal must improve, or things that need to change, for them to overtake Liverpool and finally win that long-awaited title next season?
Sign a striker
Although Liverpool's attacking group is not flawless -- indeed, they are expected to transfer Darwin Núñez and try to improve their forward line -- the simple fact is their current crop is better than Arsenal's.
While the Spain international acquitted himself well and scored some important goals, the Gunners clearly need a more permanent solution.
"A player having several uses is a bonus and this year, towards the end, with the amount of injuries we've had, we've had to adapt players," Arteta said of Merino.
That does beg the question of whether a trend is developing where the top clubs need one player to post outlier numbers to make the difference.
Arteta would be quick to point out Arsenal scored a club-record 89 league goals last season, shared around the squad.
No Arsenal player has reached 25 league goals in a single season since Thierry Henry in 2004-05.
Liverpool have received two red cards this season -- one for Andrew Robertson against Fulham in December and Curtis Jones after the full-time whistle at Everton in February.
Strength in depth
Speaking last month, Arteta was asked what Arsenal need to compete at the business end in all four competitions.
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