A failure to finish in the top four of the Premier League this season will reportedly cost Arsenal's players millions of pounds in bonuses.

The Gunners have qualified for the Champions League every season since 1997 but face a battle to do so once again this time around, as they currently sit fifth in the table and are five points below Liverpool in fourth.

Arsenal, who boast two games in hand over the Reds with two months of the season still to go, will supposedly put cost-cutting procedures in place should they miss out on a place in Europe's showpiece competition.

According to the Daily Mail, players will be forced to accept cuts to their payment as the club looks to make amends for missing out on a slice of the near-£50m reward that comes with reaching the knockout rounds.

It is in stark contrast to London rivals Chelsea, however, who kept their star players' salary the same this season despite missing out on a place in Europe entirely.

Arsenal were knocked out of this campaign's tournament with a humiliating 10-2 aggregate defeat to German giants Bayern Munich.