Arsenal last qualified for the Champions league for the 2016/2017 season. That season was Arsenal's 25th year in the premier league. Arsenal finished one point below Liverpool to finish the Premier league season in 5th position to condemn them to a run of Europa league competitions since then.
Before then, Arsenal had qualified for the Champions league consecutively for 17 years since the 2000/2001 season under the maestro Arsene Wenger. Wenger popularly claimed in 2012 that the 4th place was a trophy. He was largely mocked for it. Today, it doesn't seem like a joke anymore, just ask Liverpool, Manchester United and Chelsea FC. More than a half a decade since Arsenal was a representative of England in Europe's elite completion, another chance has been presented to the Gunners.
The Gunners have been the second best team this season but only for the last run of games. They lacked killer instinct and possession of a fear factor for dominance.
I think Arsenal should go all out to sign Mbappe. Considering the treatment dished out to Vinicius Jr. this season in Spain, I guess it would only be smart for Mbappe to want to avoid that. Also, the Messi/Ronaldo rivalry is what it is because they both played in the same league. Haaland is setting records that Mbappe, if he wants to remain relevant needs to compete in the same league as him.
The Arsenal machinery under Mikel Arteta has been a revelation. The signing of Gabriel Jesus, a goal getter was instrumental to Arsenal's hold at the top by December last year. Mbappe as Arsenal's focal point next season will send shivers down the spine of any opposition giving us the much needed fear factor Champions usually have. I don't think any club would match Mbappe's current salary and he would most likely take a pay cut to leave PSG anytime in the future.
Thierry Henry and Arsene Wenger should use their French connection. I think Arsenal should shoot their shot, literally.