Whichever position or 'side' any of us is currently on, I think it may be safe to say that a top four placing in the league, and along with it CL qualification, is a reasonable enough expectation, whatever the circumstances is. In which case, perhaps a look at the probability of us achieving the said objective might be in order.
To begin, let's ascertain the projected points haul that would theoretically see us clinching fourth spot in the league. A quick review of the historical points haul of fourth place teams over the past five seasons will reveal the following:
Fourth Place, Past Five Seasons
2009/10 Spurs 70
2008/09 Arsenal 72
2007/08 Liverpool 76
2006/07 Arsenal 68
2005/06 Arsenal 67
5 Year Average: 71 points
We are currently placed at 10th, at 22 points after 17 games. Based on the 71 points projection, our targeted points haul over the remaining 21 games would be 49 points (71-22) out of a possible 63. That would represent a point yield rate of 2.33 points per game (78%). That essentially, is a title winning form, and by extension, we need a title winning run between now until the end of the season to achieve a CL qualifying spot.
How realistic is that target?
A peek at our fixtures shows that out of our remaining 21 games, 10 of them are away matches. In order to to achieve the fourth spot, we would do in half a season what Roy needed five seasons to - which is, to win a minimum of 5 away matches.
So, is fourth spot statistically attainable? Yes.
Is fourth spot realistically attainable? No, unless something very dramatic occurs.
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Edit: Additional
A couple of comments concerning Europa League Qualification has prompted a 7th placing review
Seventh Place, Past Five Seasons
2009/10 Liverpool 63
2008/09 Fulham 53
2007/08 Blackburn 58
2006/07 Bolton 56
2005/06 N'castle 58
5 Year Average: 58 points
Interesting Note: Liverpool's 63 points yield for 7th place last season is the highest in the history of the 20-team EPL.