The Gunners are now locked in a desperate battle to finish in the top four and retain their place in the elite tournament in Europe.
Now Tottenham have at least reached the Champions League last eight in the last seven years, but harking back to their 2010/11 campaign seems like another world at this point.
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.
A woeful run of form for the North London giants has seen them slip to fifth in the table and the Gunners fell five points behind fourth-placed Liverpool at the weekend- although Arsenal do have two games in hand over the Reds. Eibar are studying the possibility of improving his contract, but realise if a club of Arsenal's wealth and stature comes knocking, they will lose a player who has gone from a Manchester City unknown to an in-demand La Liga name.
Fast forward a few months and that decision has certainly been vindicated - with the Foxes now in the hat for the quarter-finals of the Champions League - one step further than Arsenal were able to reach this season.
Should Arsenal miss out, then it is likely to cost them around £50million in lost TV and commercial revenue compared to this season.
Arsenal are "seriously contemplating" paying around €10 million for Lejeune and Arsene Wenger has given the go-ahead to make this deal happen, Marca claim.