Speaking ahead of Sunday's clash with newly-crowned champions Liverpool, Arteta offered a candid assessment of Arsenal's campaign and confirmed that his players will honour their opponents with a guard of honour at the Emirates.

"In the Premier League, we've made a step backwards," Arteta admitted. "With the points we've created, it's clear we haven't done as well as last season."

Arsenal, currently three points ahead of Manchester City, are poised to finish as runners-up for a third successive season. However, the gap to top spot could stretch to 18 points should they lose to Liverpool - a sobering reality in a campaign where many expected the Gunners to mount their strongest title challenge in years.

Despite a painful Champions League exit at the hands of Paris Saint-Germain earlier in the week, Arteta found solace in Arsenal's progression on the European stage.

"In the Champions League, we have (taken a step forward) because we did better than last season - but it's still not where we want to be. We wanted to win it."

Arsenal were eliminated 3–1 on aggregate by PSG in the quarter-finals, with Arteta standing by earlier claims that his side had been the superior team over both legs - a sentiment reportedly echoed by members of PSG's technical staff.

"They told me the best team lost," he said. "But it's not about winning probability or what you merit - it's about making it happen and making it count."

The Gunners amassed 84 and 89 points in the 2022–23 and 2023–24 Premier League seasons, respectively - tallies that would, in many seasons, have secured the title. Arteta believes those figures illustrate how close his team has come to achieving domestic glory.

"We're not just close - we're there," he said. "With the points we've generated over the last two seasons, we could have won two Premier Leagues. You need a lot of factors to go your way. A bit more luck, better decision-making in key moments - we've tried to amplify the margins."

Arsenal will pay tribute to Liverpool with a guard of honour ahead of Sunday's fixture, and Arteta was effusive in his praise for Arne Slot's side.

"They deserve that," he said. "They've been the better team, the most consistent. What Arne and his coaching staff have done is fascinating. That's sport - someone is better, and you have to applaud and accept it, and strive to reach that level."

As Arsenal face the prospect of finishing a fifth consecutive season without silverware, Arteta acknowledged the emotional toll of coming close - and the challenge of sustaining performance standards during the final weeks of the campaign.

"When you get so close to big trophies and don't achieve them, it has to be part of the journey. You have to use that pain to drive yourself forward."

Despite growing scrutiny around the club's attacking options and a summer transfer window likely to be critical, Arteta deflected discussions on recruitment for now. Yet his conviction in the club's direction remains unshaken.

"We are producing the numbers that win titles," he said. "We have to be a bit luckier, but still, we must do better."

Mikel Arteta reflects on PSG journey ahead of Champions League clash