Arsene Wenger has said that it would be a "disaster" if Arsenal failed to reach the Champions League next season.

The Gunners look set to struggle to finish in the Premier League's top four with London counterparts Chelsea and Tottenham as well as the Manchester clubs ahead of them in the table.

"For me it would be [a disaster]," said the Frenchman. "Because I want to play with the best. We want to be in there, in the top four, and to play in the Champions League, and anything else would not be good enough."

However, chairman Peter Hill-Wood admitted that the club have a contingency plan for the financial blow of failing to make the top four.

The North London club have featured in Europe's elite competition for 14 consecutive seasons under Wenger. They face Italian champions AC Milan in the last 16 this year.