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Arsenal currently sit sixth in the Premier League table, eight points behind Chelsea in fourth.
The Gunners have lost their last three on the road to slip further behind their fellow challengers.
Henry admits winning the Europa League is now the best chance his former side have of qualifying for next season’s Champions League.
“You still have some big teams in the Europa League, including Arsenal,” he said on Sky Sports.
Realistically, the competition that they can achieve at the minute, well it’s not a competition finishing in the top four, but what they can achieve the most I think is winning the Europa League.
“I see that more happening than them finishing in the top four.
“Something incredible might happen but it’s unlikely for it to happen.
“So are you going to completely focus on the Europa League and let the league go? I don’t think you can do that.
“But you should go really strong in trying to win the Europa League.
“At the end of the day that brings you back in the Champions League and it is a trophy.”
Arsenal face Osterunds in the last 32 of the Europa League, with the first leg in Sweden tomorrow.