By London correspondent Tony Hughes

Arsenal are only two players away from being an outstanding team, according to BBC pundit Danny Mills.

The former England right-back was at Camp Nou on Wednesday night as Arsenal crashed out of the Champions League at the hands of holders Barcelona.

Arsene Wenger’s side created a series of excellent chances as they lived up to their manager’s promise to take the attack to the all-conquering Spaniards.

But the Gunners ultimately fell well short as they lost 3-1 on the night and 5-1 on aggregate as Mohamed Elneny’s goal was comprehensively overshadowed, with Neymar, Luis Suarez and Lionel Messi strikes added to the Argentine’s double from the first leg in London.

Arsenal, who were also knocked out of the FA Cup by Watford on Sunday, are now forced to concentrate on just the Premier League as they attempt to claw back an 11-point gap on leaders Leicester.

But Mills does not believe Wenger’s team are too far off competing on more level terms with Europe’s elite.

“Arsenal are only two players away from being a top side,” Mills told Radio 5 Live during the Gunners’ defeat to Barcelona. “A magnificent centre-forward who can get 25-plus goals and a world-class centre-back.

Triple joy: The Barcelona front three have been in stunning form this season

Triple joy: The Barcelona front three have been in stunning form this season

“They have enough midfield players. They have £150m-£200million in the bank but only need to bring in two more players.

“Going forward, Arsenal have looked good but defensively they have looked fragile, that has been the case for years. Sol Campbell, Martin Keown and Ashley Cole have never been replaced.”

In other Arsenal news, a teenage midfielder has completed his move to Emirates Stadium after signing a five-year deal.