Arsenal come right after the trio of Manchester City - Bayern Munich - Real Madrid as for the biggest title contenders. Bookies are giving quite a good level of chance for Arsenal to be competitive for the Champions League title. Arteta has made a really good level of progress with Arsenal since the day he joined the team.
They are getting better and more consistent in the Premier League also on one hand. They are playing ambitiously in the Champions League too. This high effort would end by a good result here hopefully. I especially wonder how good they will be against the biggest title contenders such as the examples I have given.
They beat Manchester City in the Premier League already for example so I wonder what kind of a scenario we would have in the Champions League.
In my opinion I don't see Arsenal as being one of the favorite teams to win the European Champions League, looking at Arsenal's performance in particular in the European Champions League, they are in group B, and a group that has the following teams
PSV = is a good team from the Netherlands, they are currently at the top of the eredivisie, but in terms of the squad and the league itself, I would say that they are not a strong opponent compared to the top teams in leagues like the premier league, serie A, bundesliga, La liga and Ligue1
Lens = is a team from France, in Ligue1 they currently occupy position number 6, they are not a team that fights for the Ligue1 title, they are far from it, to be honest even seeing them constantly in the European Champions League is something difficult
Sevilla = team from Spain, in La Liga they are currently in position number 13, and in the last 5 games they have not managed to have at least one victory, they have been going through bad times since last season
Now see Arsenal's performance in this group:
Arsenal is in the group of weakest teams and should not have any defeat, as the 3 teams in that group are not doing well in their own right or are teams with very weak squads compared to other teams in the most important leagues. So I don't see Arsenal being able to win the European Champions League, if they manage to get through to another stage and play against a strong team and manage to win, then I'm going to start thinking that maybe they have a chance of reaching the final