Arsenal conquered their goalscoring problems which had restricted them to 10th place a year earlier, though they surrendered their defence of both domestic cup competitions. This time round they finished fourth in the league, and at one stage looked like the most likely team to threaten Manchester United's lead. But the real success of the campaign was a 1–0 win over Parma in Copenhagen which gave them glory in the European Cup Winners' Cup and their first European trophy since 1970.

1993–94 saw a great deal of change at Arsenal. The season began with the club's longest-serving player, 34-year-old defender David O'Leary, signing for Leeds and out-of-favour midfielder Colin Pates joining Brighton. Irish winger Eddie McGoldrick was captured from Crystal Palace; his arrival led to the sale of fellow winger Anders Limpar to Everton a few months later.

The close season saw Arsenal make swoops for Swedish midfielder Stefan Schwarz as manager George Graham prepared to maintain an Arsenal side that could challenge on all fronts the following season.

[R] - Reserve team player [L] - Out on loan [S] - Sold

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