A draw would have been good enough for Arsenal to move back into the last Champions League qualification place, but first-half goals from Ruben Neves, Matt Doherty and Diogo Jota set Wolves on their way to a 3-1 win at Molineux.
Arsenal manager Unai Emery is confident his team can still qualify for the Champions League
A top-four finish in the Premier League was taken out of their own hands by defeat to Wolves
Emery’s side face another testing away game at Leicester on Sunday – hours before Chelsea play Manchester United at Old Trafford.
‘We lost in our hands the opportunity for fourth but we can also recover this opportunity,’ said Emery, whose team are also in the semi-finals of the Europa League.
‘We have lost opportunities in the last two matches, losing to Crystal Palace and here (at Wolves) but the last three matches we play in the Premier League we have opportunities.
‘Generally we are now disappointed but we need to look at all the season. We lost this opportunity today but we need to prepare as best as possible for Leicester. Again it is very difficult but hopefully we can take something.
‘We will be doing all we can in Leicester on Sunday to take the three points. Top four is the target, a difficult target, but we have a chance in this competition and also in the Europa League.’
Emery reminded fans that the Gunners still have two ways of reaching the Champions League
Arsenal started the match at Molineux strongly but never recovered from Neves’ opening goal after 28 minutes and found themselves 3-0 behind at the break.
The Gunners managed to stem the tide in the second half and Sokratis Papastathopoulos headed a reply late on.
Emery said: ‘We didn’t recover quickly enough from their first goal but in the second half we had recovered our game plan and we were better.
‘We needed to be more calm and try to impose ourselves on them but they were better than us and were more strong in their game plan.’