Yet if you ignore a couple of Community Shield successes, the Gunners haven't won a trophy since the FA Cup in that 2019/20 campaign. It's the team's longest drought without winning a cup or the league since the 2005-2014 spell.
Bukayo Saka argues that Arsenal are ready to compete for every trophy now, but admits that missing out over the last couple of seasons has felt horrible.
"We really want to take that next step and try to win something."
On losing European Championship finals and finishing second with Arsenal, Saka said: "It's horrible, I'll be honest.
"I want to get it over the line this season and try to lift the trophy, for sure.
"You work the whole season and you're so close, you've literally got one hand on the trophy, you're in the final or you're right there to win the Premier League, or whatever trophy you're competing for that season, and then you don't win it... it's like the whole year's work... and nothing to show for it.
"I know you can be proud of the season and evolution and development, but that's why more than ever we want to take the next step and win."
Mikel Arteta's side are also nailed-on to make the knockout stages of the Champions League after a strong start in the new League Phase, though things look a bit trickier in the other two competitions.
Arsenal are six points off Premier League leaders Liverpool, who have a game in hand, and they're also four points behind Chelsea in second. We're not at the halfway point in the season yet, but that's already a major hurdle to overcome.
As for the FA Cup, Arsenal haven't kicked off their tournament yet, but they'll face Manchester United in the third round. With the rest of the big-six sides drawing League Two and National League opponents, it's likely the winner of Arsenal's tie will have to play the other big teams later on as well.
No one is going to just hand Arsenal a trophy, but Saka is right to feel that now is the time for the team to take advantage of their position as one of the country's best.
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