The Gunners fell to a 2-1 extra-time loss at the hands of Olympiacos and are now left battling for silverware on just one front ahead of Monday's trip to Fratton Park.
Arsenal's loss to Olympiacos on Thursday could have wider ramifications for the club, with reports on Saturday suggesting that they will miss out on as much as £70m following their exit in the first knockout round.
The Gunners appeared to have turned a corner under Arteta in recent weeks by turning promising displays into good results, but the Olympiacos setback could take some getting over.
Thankfully for Arteta, his side have a winnable fifth-round tie right on the horizon as they make the trip to 2008 winners Portsmouth on Monday.
The FA Cup is a competition Arsenal have won more than any other side, though not since 2017 have they managed to make it all the way and lift the famous trophy.
It is fair to say that the competition has now taken on added importance for Arteta in the wake of Arsenal's European shocker, knowing that this is his only shot at securing silverware in his maiden campaign in the Emirates Stadium dugout.
History certainly suggests that this should be a tie the North London side advance from as not since January 1992, 12 fixtures ago, have they failed to see off a side from the third tier or lower in the FA Cup.
That is up for debate, but one thing for certain is that Pompey have a formidable record on home soil. They have won their last 10 games at Fratton Park in all competitions and are unbeaten there in 19 since August.
However, Portsmouth have not beaten Arsenal in any competition since winning a league match 5-4 in March 1958, drawing eight and losing 13 of their 21 meetings since then.
To make matters worse for Pompey, they have lost their last five FA Cup ties against Premier League opponents when not in the top flight themselves.
They will be looking to change all that on Monday when an Arsenal side in desperate need of a response visit fortress Fratton Park.
Porsmouth's FA Cup form: WWWW
Portsmouth's form (all competitions): LWWLWW
Arsenal's FA Cup form: WW
Arsenal's form (all competitions): WDWWWL
Arsenal had a weekend off in the Premier League due to Manchester City's EFL final commitments, but it is still a quick turnaround in games on the back of their Europa League clash with Olympiacos.
Arteta may well have been planning to rotate his side between games, but he will surely now name a much stronger lineup than expected as he attempts to keep the Gunners' campaign alive.
Defenders Cedric Soares, Kieran Tierney, Shkodran Mustafi, Calum Chambers and Sead Kolasinac are all nursing injuries, which could mean January signing Pablo Mari coming in for his first senior appearance.
As for Portsmouth, they are are assessing the fitness of Ronan Curtis and Naylor ahead of Monday night's match.
The pair picked up knocks in Fridays's 3-0 success over Rochdale, but Jackett is confident both men will be fit to face Arsenal.
Christian Burgess collected his 10th yellow card of the season in the same match and must serve a two-game ban, though that does not carry over into the FA Cup.
Portsmouth possible starting lineup:
Bass; Bolton, Burgess, Raggett, Brown; Naylor, McGeehan; Williams, Cannon, Curtis; Marquis
Arsenal possible starting lineup:
Leno; Maitland-Niles, Sokratis, Mari, Saka; Torreira, Ceballos; Nelson, Willock, Martinelli; Aubameyang
We say: Portsmouth 0-1 Arsenal
Portsmouth have been in superb form at Fratton Park and are looking to reach the quarter-final of the FA Cup for the first time since 2009-10, when they ended up reaching the final. This will not be an easy fixture for Arsenal, but they will be desperate to hit back from their European exit and we are backing them to edge through to the sixth round.