Thierry Henry declared the race to finish in the Premier League top four "very much alive" after Arsenal dropped points against Sunderland on Sunday.
The Gunners were held to a goalless draw at the Stadium of Light as they missed the chance to reclaim third place from Manchester City, who beat Stoke on Saturday.
Arsenal are now just five points clear of fifth-placed Manchester United having played a game more than Louis van Gaal's side.
Olivier Giroud started for Arsene Wenger's side but his failure to find the net extended his league drought to 14 matches, the longest of his Arsenal career.
And Henry believes another disappointing attacking display from the Gunners cost them against their relegation-threatened opponents.
"It is very much alive [the race for the top four]," Henry told Sky Sports from the Super Sunday studio.
"They [Arsenal] didn't do enough offensively to win the match and you can't say they deserved to win the game.
"They will take two good points from it - Jack Wilshere came on and didn't get injured. He can look forward to what's coming next and maybe Euro 2016.
"And they didn't concede a goal, which is also a good point, but it wasn't enough to win the game, especially against a team that wants to stay in the Premier League.
"I'd like to think Arsenal will be in there and it'll be between Man City and Man Utd for the final spot but now there is a real battle to be in the top four.
"I personally think they are going to be in the top four but if they aren't I don't know what's going to happen because people expect them to be in the top four. If they're not, then something will need to be done for next season and big stuff."
Arsenal's final three games see them welcome already relegated Aston Villa and struggling Norwich City to the Emirates, with a visit to Man City sandwiched between.
And Jamie Redknapp believes their home matches should keep them in the top four by the season's end.
"I think the two home games are too good for Arsenal," Redknapp added. "Norwich at home and Aston Villa on the last day of the season are two great home games.
"I think the difficult one will be Man City away, but again, we are just talking about Arsenal getting into the top four, and they should be doing a lot more.
"You could see how flat they were today at times, and it's not good enough."