Arsenal legend Ian Wright believes the Gunners are still capable of finishing in a top-four position in the Premier League, provided their signings all make an instant impact.

The north London club recently lost the services of contract rebel Alexis Sanchez to Manchester United, with Henrikh Mkhitaryan going the other way in a straight-swap deal.

Arsenal have also been linked with moves for Borussia Dortmund striker Pierre-Emerick Aubameyang and West Bromwich Albion defender Jonny Evans as they seek to improve their squad after what has been a poor league season so far, with the club currently in sixth place.

Despite just three wins in their last 10 league games, Wright believes the north London side can still finish in the top-four if Mkhitaryan and Arsene Wenger's other potential signings all hit the ground running at the Emirates Stadium.

"Arsenal could make the top-four but all of their signings would have to hit the ground running," Wright said, as quoted by Sky Sports. "But of course Arsenal can. They have got the quality to be able to do it but those players will have to hit the ground running."

Wright added that Arsenal handled the Sanchez situation horribly, but with Mkhitaryan coming in, he is hopeful that the Armenian international can thrive in London after a difficult season at Old Trafford.

Despite having his moments, the 29-year-old never really settled under Jose Mourinho. But he now has a chance to change his fortunes at Arsenal, where he is expected to earn over £200,000-per-week ($281,890-per-week).

"It's terrible business from Arsenal, they should have let Sanchez go last summer, collected the money and gone from there," Wright said. "It's bad business letting Sanchez leave as they have done but the Mkhitaryan deal is the best of a bad situation.

"Mkhitaryan is a top player. I don't think we saw the best of him at Manchester United but I do believe Arsenal have got a good player. He's still trying to find his feet in England, but I've seen enough of him when he has played to know he has quality.

"We know Jose Mourinho can get the hump with some players but I hope he can come to Arsenal, a much friendlier environment in terms of management and players, and hopefully, he can thrive."

Alexis Sanchez and Henrikh Mkhitaryan
Alexis Sanchez and Henrikh Mkhitaryan swapped clubs earlier this week Getty Images