The Gunners currently sit at the top of the Premier League table and have also reached the final of the Carabao Cup where they will face Manchester City on March 22nd.
Arsenal are chasing history under Mikel Arteta as they seek to end their 23 year title drought. Winning any trophies on top of that would cement Arteta as a legendary figure at the club after years of heartbreak.
Speaking to Andy's Bet Club, Townsend revealed that multiple trophies is not out of reach for the North London club.
“I tell you what, I think in the Champions League, Arsenal are going to be dangerous. I could see them winning the Premier League. And I can most certainly see them winning a couple of trophies. They've got the League Cup final this month.
“I could see a double this year for Arsenal, in some capacity. I have to say that because in the Champions League, the margins of success and failure from now on are so fine.
“Let me say this, they're amongst the favourites to win the Champions League, and I think on merit. So, I could definitely see Arsenal winning a couple of trophies. Four? No, I don't see that. I think that would be a bit beyond them.
“But I could certainly see them winning a couple, definitely. I think they've been on the up. I think they've been the best team in the league this season.”
Arteta’s side face Bayer Leverkusen in the last-16 stage and, if successful, will meet Sporting or Bodo-Glimt for a place in the semi-finals.
If they stay consistent, winning the treble is more than possible for Arsenal who would become of only a few English sides to complete such a haul.