The Gunners lost 2-1 to the Spanish side in the first leg and needed just a goal to reach the finals of the tournament. However, they failed to deliver a convincing performance at the Emirates and did not manage to get on the score sheet.
Mikel Arteta's position as Arsenal boss has come under a lot of scrutiny in recent months due to underwhelming results. The situation has escalated following Arsenal's Europa League exit on Thursday, with many fans calling for his dismissal. According to reports, the Arsenal board have identified two potential replacements for Mikel Arteta at Arsenal.
According to Football Italia, one of the names expected to replace Arteta at Arsenal is former Juventus manager Maurizio Sarri. The Italian has been out of a job since last summer after being sacked by Juventus following just one season at Turin. Sarri was also Chelsea manage for a year before joining Juventus.
The Arsenal board believe Sarri can oversee a summer rebuild at the club
Sarri won the Europa League during his spell at Chelsea, defeating Unai Emery's Arsenal 4-1 in the final of the competition. He then moved to Juventus soon after, where he won the Serie A. However, he was dismissed at the end of the campaign after failing to progress to the semi-finals of the Champions League.
The Arsenal board are believed to be fans of Sarri's possession-based style of football. They believe the Italian has the ability to oversee the rebuild the club desperately needs this summer.
Another manager who has been highlighted by Arsenal as a potential replacement for Mikel Arteta is outgoing Roma manager Paulo Fonseca. The Portuguese manager is set to leave Roma at the end of the campaign after two years in charge. Former Tottenham boss Jose Mourinho is set to replace him at the club.
Fonseca's dismissal comes after a very underwhelming campaign. Roma also exited the Europa League on Thursday, losing 8-5 to Manchester United on aggregate. His record at former club Shakhtar Donetsk, however, speaks for itself with the Italian winning seven trophies in his three years in charge of the Ukrainian club.
Arsenal's interest in both managers is not solely down to their impressive track record. Their availability at the end of the campaign means that Arsenal will not be required to pay any compensation fees for the appointment of either manager.