Mikel Arteta has challenged his five-star Gunners to defy the odds and compete again for the title next season.
Granit Xhaka blew Wolves away with two goals inside 14 minutes on what was believed to have been his final appearance for the club.
Bukayo Saka, Gabriel Jesus and Jakub Kiwior completed the rout as the Gunners finished five points behind champions Manchester City.
Arteta said: “I think we have some great foundations. But in your sport, you have to prove it again.
“We have to be back in pre-season and look at each other and I don't want to see any complacency."
Arsenal started the season as candidates for fourth place but ended it with 84 points - their highest points tally since the 'Invincibles' team took the title with 90 in 2003-04.
But he vowed to be in the mix as the likes of Manchester United, Chelsea, Liverpool and Newcastle regroup for what is expected to be the most competitive title race the Premier League has ever seen.
"We've done really well but we're going to have to be much better,” he added.
“Obviously, we didn't expect to finish where we are. It's a lot but it's still not enough to win it. So we understand where the level is. And we really want to be the real deal.
“We don't have to be happy with what we have - we have to be much, much better next season.”
On Xhaka, Arteta added: "He did what he needed to do and he has done it the whole season. He has been magnificent for us.
"I had the opportunity to say thank you. He is a player who had a special story and he has been integral.
"It is part of my job to make the decisions that are best for the club. His story is really nice."
Wolves boss Julen Lopetegui faces an uncertain summer with the club in financial peril. He urged the Midlanders to strengthen their squad to avoid another relegation scrap.
“I don’t know what’s going to happen,” he said.
“I think if you want to keep in the Premier League next year you have to improve your squad and do your homework, because the Premier League doesn’t forgive.”
