I think it's very likely that Arsenal will do well in the Champions League next season, the quality of this team is increasing now and they deserve to be reckoned with.
They have been missing here in Champions League and I don't mean physically but showing the good football they always used to when they were at the time under the lead of Arsen Venger many years ago.From there on I have not seen some brilliant performances from them during the time that they have been participating here but I agree with all these transfers they are making most likely they are going to do well here in the upcoming season.
I am not expecting them to be in the final or something similar but they should at least be in the quarter finals if the draw puts them in a non lethal group,although I would definitely love to see them in the same group with Barcelona,City and Bayern Munchen for example.