Arsenal are two points adrift of a Champions League spot after Unai Emery's 10 men suffered a convincing 3-0 loss against Leicester on Sunday - on the back of defeats against Crystal Palace and Wolves.
Xhaka said: "It is not the right moment to think about the top four.
"We had three big chances. It started with Crystal Palace, then Wednesday against Wolves and finished (on Sunday).
"If you don't take from two away games and one at home three points, you can't speak about the top four."