Arsenal has been this bad for a while now, they haven't been themselves for a while now and I am sure they are not going to be any decent for a while more as well. I think it is not going to come down to them relegating any time soon, they have too much money they make from their fame and brand that they are way above the championship level, if they ever find themselves in that position even if great name players do not want to play for them anymore, they could still pay top dollar for high level talent and go above easily.
So, I assume that best case for Arsenal would be to make better transfers at this point, find a decent manager that is big name and change the whole face of the club a bit. Because if they keep this up, they are going to be forgotten soon enough, in a decade no one will remember their name. Get a big name manager and some decent transfers and they will be great.
Buying two or three players in January transfer window is the best bet for Arsenal I think there isn't any problem with the manager, the present crop of players are not playing to their best and highest level coupled with lack of creativity in their midfield, this is the same Arsenal that won all their Europa leagues matches unfortunately couldn't transform that performance in the league.
They can't be relegated no matter how bad their current form and bringing a new and well known manager might add to their problem because the manager might start a rebuilding process in the team which might backfire and cause more damage and havoc to the club unless the manager is hired at the end of the season.
