Got to wait until pre-season is over and the transfer market is near conclusion to make any real strong predictions.
I would take every pre-season result with a pinch of salt. Whether that's Arsenal, Liverpool or any other team. Fitness and training schedule around the games can make pre-season games a lottery. Some teams are playing fresh and the other team has already done a training session in the morning. That can have a big impact.
In saying all that, I think 4th is the about ceiling for Arsenal this season. The floor is probably about 8th. I expect them to be better this season than last. But how much better might depend on in's and out's since they have some key areas for improvement in their squad.
Im not sure we are even able to achieve 4th to be honest, the current top 4 seem too far in front currently. Think more realistic should be to certainly close the gap & try & finish 'best of the rest' ahead of the likes of Spurs, Leicester, Everton etc.
Current summary of where we are at. We have basically signed a couple of young guys to add some depth to the squad, Tavares for back up to Tierney, Lokongo to add more depth & athleticism in midfield seeing Guendouzi, Ceballos & probably Torriera will be away.
However, we need to make some first team signings.
Defence - We are trying for Ben White to basically take Luiz place & become our partner to Gabriel.
At Right Back Inter are trying to get Bellerin on the cheap or on loan, so I'd imagine we will look to replace him if that deal goes through, personal terms are apparently already agreed. Not seen many reliable links mind you about incomings.
Midfield - Roma are trying to do likewise for Xhaka. If that deal goes through, it seems Locatelli is our first choice but probably unrealistic considering he wants Juve & Juve want him, so we might move onto someone like Neves then. Maitland-Niles & Torriera more likely outs.
Attacking Midfield - Smith-Rowe looks like signing his new deal. We are still linked to Maddison, but that would cost a lot of money, so would be difficult. Perhaps someone like Aouar more realistic in terms of price. Can't see Willian leaving, perhaps Nelson leaves or goes on loan. Martinelli to get more game time on left wing.
Forwards - Think we will sell Nketiah, promote Balogun to 3rd choice & go with what we have. Cant see anyone coming in for Auba or Laca on their wages.
