Mikel Arteta's side came painfully close to doing so last season, but their 2-0 defeat at home to Aston Villa sealed their fate, and they finished the campaign two points off the Sky Blues.
The game against Villans was symptomatic of the North Londoners' primary weakness, as despite having plenty of chances, they failed to score, just like in the defeats to Fulham away and West Ham United at home.
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So, it's unsurprising that, over the last couple of months, the Gunners have been linked with several strikers, from Victor Osimhen to Viktor Gyokeres and, most recently, Ivan Toney.
The England international still hasn't left Brentford, and recent reports have linked him back to Arsenal. While he's older than the players the club has targeted in recent years, Edu Gaspar could balance out his move by signing another player who was touted for a move to the side earlier this year and has shades of Gabriel Martinelli about him.
Ivan Toney to Arsenal
So, despite it looking like Arsenal had completely ruled out any plans to sign Toney this summer, a report this week has revealed that their interest in the Englishman remains.
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Now, how much he'd cost the North Londoners is still a mystery, with some suggesting that he could be the subject of a £30m bid from the Saudi Pro League, while other reports have claimed that Brentford still want £60m for their star striker.
Regardless of how high or low his transfer fee will ultimately be, he'd bring a serious goal threat to the Gunners' frontline.
In his last three seasons of Premier League football, he has scored 36 goals and provided 11 assists in 83 appearances, equating to an impressive average of a goal involvement every 1.76 games.
However, one of the potential drawbacks to signing the Northampton-born poacher is the fact that he's 28 years old, which is on the upper end of the players Edu and Co have been targeting in recent months, although that could be compensated for with another target previously linked with the club who could be like Martinelli.
Semih Kılıçsoy comparison to Martinelli
Yes, the youngster in question is Beskitas wonderkid Semih Kılıçsoy, who was touted for a £22m move to the Emirates earlier this summer, and if he does end up joining Arsenal, he will share several similarities to Martinelli.
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The first is that, like the Brazilian ace, he'd be moving to the Premier League from a league outside the traditional top five in Turkey's tremendously entertaining Süper Lig.
The next is two-fold, as while he would still be a teenager at the time of the move, he already looks ready to contribute to the first team, just like the Gunners number 11 did in his first campaign for the club.
Kılıçsoy in 23/24
Players
Kılıçsoy
Appearances
35
Minutes
2086'
Goals
12
Assists
3
Goal Involvements per Match
0.42
Minutes per Goal Involvement
139.06'
All Stats via Transfermarkt
For example, while he wasn't the first name on the teamsheet for the Kara Kartallar last season, the 18-year-old "monster", as described by data analyst Ben Mattinson, still scored 12 goals and provided three assists in just 35 appearances, meaning he maintained a seriously impressive average of a goal involvement every 2.33 games.
If he's already putting up numbers like that, envision the possibilities of Kılıçsoy playing alongside a seasoned striker like Toney and under the guidance of a manager as impressive as Arteta. The potential for his growth and development is immense.
The final similarity the Istanbul-born prospect shares with the former Ituano gem is his versatility. He has the potential to be developed to play either on the wings or in a central role, similar to the early discussions about Martinelli's best position.
Ultimately, it does seem unlikely that Arsenal will sign Kılıçsoy this summer, but given his rapid development, impressive campaign last season and similarities to the club's dynamic number 11, maybe they should - especially if they plan to bring in the older Toney for the here and now.
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