The consequences of a £30million drop in income with no European football next season would be difficult for the Gunners to bear.
Arsenal once fretted over whether they would make the Champions League but now they need to hang on to Europa League football if they are to continue to build the squad under a new manager.
In terms of the new manager, Arsenal are adamant that it is more important that they make the right appointment rather than a quick one.
"This is Arsenal," said one club source, insisting they would not be rushed. "An appointment will be made on our terms."