Arsene Wenger’s side went into their home game against Everton with their destiny out of their hands, relying on either Liverpool or Manchester City to drop points if they were to make it into the top four.

But victory over the Toffees was not enough, as comfortable wins for Liverpool and Manchester City booked their places in next season’s Champions League.

The Gunners will now play in the Europa League for the first time since 2000, when they were eliminated at the Champions League group stages but went on to finish runners-up to Turkish giants Galatasaray.

Arsenal last failed to qualify for the Champions League in Arsene Wenger’s first season, 1996-97 when they missed out to Newcastle United on goal difference, and have earned a place in Europe’s top club competitions in every full season under their current manager.

Their failure to make the top four could have a major impact on Arsenal’s transfer plans in the summer, with an analysis of the club’s financial position by the Supporters’ Trust estimating dropping into the Europa League will cost £25million.

It may also make it more difficult for Arsenal to hold on to star forward Alexis Sanchez, who is a target for Juventus, Bayern Munich, Paris St Germain and Chelsea as he enters the final 12 months of his contract.