Arsenal fans have seen it all before. Following the away-goals defeat to Monaco on Tuesday night, the Gunners have now exited the Champions League at the first knockout round in each of the last five campaigns.

Yet, just as the case was 12 months ago, they remain on course to finish in the top four of the Premier League and win the FA Cup, with an assault on the Premier League title looking highly unlikely.

Here, we spoke with the club's former midfielder Ray Parlour, who is supporting London and South East finalist Jake Goodall in The People's Pundit, championed by the Carlsberg Fan Squad, to find out whether he believes that the team is making any progress under Arsene Wenger.

How disappointing is Arsenal's Champions League exit, particularly considering that they were not up against one of Europe's bigger teams, as they have been in previous years?

"It's obviously very disappointing. When the draw was made, it looked to be the perfect opponents. No disrespect to Monaco, but it's exactly the draw that they wanted. Everyone expected them to go through, but the first leg was a poor performance.

"They conceded three goals at home, which you can't do, especially in European football. They were always up against it in the second leg after that. They showed a lot of spirit and got themselves back into the game, but ultimately it was too much to do.

"There will be plenty of disappointment in the camp and frustration as well at that first performance. Did they take Monaco as seriously as they would have done other teams? I don't know. They had chances in the first game, but they didn't put them away and they paid for it."

What changes need to be made for Arsenal to challenge for the Champions League again?

"Looking forward, they've got to make some good signings in the summer again. Alexis Sanchez and Mesut Ozil have come to the club and two or three more players like that need to come in. You're always trying to improve, even though they have some good players at good ages in the squad.

"It's important that players come in. They look like they're going to finish in the top four and they'll have to go again next season. There's some great teams in the Champions League, so to be competitive you need to get the better players into the club.

"That will help them challenge the likes of Chelsea, Man City, Man United and Liverpool for the Premier League title as well."

Would winning the FA Cup and finishing in the top four suggest that little progress has been made over the last 12 months? After all, it's exactly what the team achieved last year.

"Winning another trophy is very important. Arsene Wenger has won quite a few FA Cups since he's been at Arsenal. It's another Wembley final and that's always a special moment.

"The fans are waiting, though, because they want to be in the Premier League title race come April. They've had a good run lately, but I certainly can't see Chelsea throwing it away now.

"The Premier League is always the most important trophy, but that's not to say the FA Cup isn't also important. But, if you can win the Premier League, it shows that you're the best and most consistent team in the country. Hopefully the players that come in during the summer can move them closer to the likes of Chelsea."

Is finishing second now a realistic possibility?

"They've got every chance because they have a decent run-in. They do have Chelsea and Liverpool to come, but those matches are at home. They go to Man United in the second from last game of the season as well, but apart from that, it's not a bad run-in at all.

"With Man City losing to Barcelona, who knows how the rest of their season is going to pan out. Arsenal are only a point behind them and with that kind of run-in, they'll be full of confidence."

You've recently claimed that Morgan Schneiderlin would be an ideal signing for Arsenal. What would he bring to the club?

"He'd be a great addition. I've watched him a few times this season, including when Southampton played Chelsea at the St Mary's Stadium. He was fantastic up against quality opposition that day."

"What he does well is he drops into the back four at times, which makes them a stronger unit. He's comfortable on the ball and can find a pass. He knows the Premier League and what to expect from it.

"I'm sure there will be quite a few clubs interested in a player like him, but he is the sort of player that Arsenal need. He's a bit like Gilberto Silva and the job he did for the club a few years ago. He gave the centre-backs a helping hand."

Where else are improvements needed?

"They have some good attacking players, especially when everyone is fit because it provides some major competition. They need a centre-back again, despite the fact that they signed Gabriel Paulista in January. They're very hard to find, though.

"It will be interesting to see what they do with the goalkeeping situation. They've got plenty of options in the wide areas, but it's the spine that needs bolstering. That will boost their chances of challenging for more trophies."

Would Petr Cech be the ideal goalkeeper signing? It seems that he may leave Chelsea in the summer.

"He'd be a terrific signing and provide so much experience. He's got some stern competition at Chelsea. He's played in some big, big games and a move across London would be great. Whether Chelsea would let him go, I don't know. He's still a young goalkeeper really and has plenty of years ahead of him. Someone like Petr Cech would be a great signing for Arsenal."

What have you made of Alexis Sanchez's recent form? He's struggling for goals. Do you think he's looking tired or perhaps lacking in confidence a little bit?

"There was always going to be a point in the season when he was going to take a little bit of a dip. It's impossible to go the whole season how he was because he was superb at the beginning. You always have dips - every single player does. He's having his now, but his energy is still there and he's always chasing balls down.

"He's been a brilliant signing and it looks like he's enjoying it in the Premier League. I compare him a little bit to Luis Suarez, the way he is always determined to win the ball back.

"There is no doubt that he's lost a little bit of that sparkle. Again, he's set his standards so high at the start of the season that people expect it every week. He's the sort of player, though, that at any moment will rediscover his form and start winning matches again."

In contrast, Olivier Giroud has been in good form in front of goal. Is he showing that he could score the goals next season to fire Arsenal to the title, assuming that the right additions are made elsewhere?

"There is another big question mark as to whether or not they will try to bring a striker in this summer. Maybe someone like Edinson Cavani. Giroud had a nightmare game against Monaco at home when he missed a lot chances, but certainly he's come back and scored goals - that's what good strikers do.

"We'll have to wait and see on that. He's showing some good signs recently, but there is bound to be some movement in the transfer window."

Do you expect Arsene Wenger to be in charge at the start of next season?

"Getting in the top four is vital. If he can do that and win the FA Cup, I think he'll definitely be there.

"But, you've always got to have a plan. If you're going to sack a manager, you've got to know who is going to replace him and who is available. I don't understand it sometimes when people panic and sack their managers with no real plan.

"If you sacked Wenger tomorrow, who would be available to replace him? All the top managers have already got jobs. It's a situation where you have to plan it."

What if he doesn't finish in the top four and win the FA Cup? Could you see him walking away or maybe being sacked?

"Again, that's a big decision for the board. Maybe he will decide that he can't take the club any further forward. He might decide they need a new man. Who is that, though? It will be interesting to see if he copies Sir Alex Ferguson and has a say on who the next manager is going to be.

"I've always said that Thierry Henry would be a great manager. He's got to do his coaching badges, but he'd play a good style of football and would be able to attract good players.

"Let's not forget, Arsene Wenger has done brilliant for the club. I know over the last few seasons the trophies haven't been there, but financially now they are in a great position. Hopefully they will be able to compete with the likes of Real Madrid, Barcelona and Bayern Munich."

Ray Parlour caught a game with London and South East finalist, Jake Goodall, at the Carlsberg Bar in Leicester Square to help him prepare for Boot Camp in the People's Pundit, championed by Carlsberg – the official beer of the Premier League. To find out how Jake and all of our other pundits get on in the race to secure their big break on talkSPORT, or to find details of a regional heat near you, head to ThePeoplesPundit.co.uk #PeoplesPundit.