Mikel Arteta believes that investment is needed this summer if Arsenal are once again to challenge for major honours.
Having endured humiliating domestic cup exits to Bradford City and Blackburn and lost the home leg of their Champions League last-16 tie 3-1 to Bayern Munich, the Gunners' trophy drought looks set to extend to eight years.
Arteta feels that the gap between the north Londoners and league leaders Manchester United is 'unacceptable' and warns that the board must realise that they are falling behind the competition before it is too late.
"With 10 games to go and to be 24 points behind (the leaders), it's an impossible catch and that, for me, is unacceptable," the midfielder told the Daily Mail.
"We can't be in that position because we have the best basic structure I've ever seen at a football club.
"Great philosophy, good players, we've got financial backing to do whatever we want, unbelievable crowds for the stadium. Let's go for it!
"Staying in the Champions League is massive. If we don't get in those spots it makes everything much more difficult.
"To any team with top players, you have to ask what's going to happen. There's only one answer: we want to improve the team.
"We want to be better and next season we want to get more points, which means we will have won more games. I think the board know that and, hopefully, this summer we'll do something about it.
"When I decided to leave Everton and join Arsenal, playing in the Champions League was a major factor," Arteta said.
"To play in those big games is a great experience and I don't regret the decision. It improves you as a player.
"It's a good test to see where you are. Sometimes you think you are playing unbelievable but then you play in the Champions League against top players and you think: 'I've got a lot of work to do'."
Arsenal have a lot of work to do themselves in their European second leg at the Allianz Arena on Wednesday and the midfielder is under no illusions as to the size of the task.
"Bayern were very good in the first leg and it will be even harder away from home. For me, they are the best team we have played this season.
"They are strong physically, have some talented players who can unlock the door at any moment and they are solid and organised."