Arsene Wenger bemoaned Arsenal's defensive woeful defensive display, but said the team can still reach the knockout stage of the Champions League despite their 5-1 defeat at Bayern Munich.
"It's a small chance but there is still a real one," Wenger said. "We have to realise with the kind of performance we have today that our chance is at a minimum.''
Arsenal lost their opening two matches against Dinamo Zagreb and Olympiakos but gave themselves real hope of reviving their European campaign when they beat Bayern 2-0 at the Emirates Stadium last month.
However, an injury-hit Arsenal side -- who played without Hector Bellerin and Laurent Koscielny -- never looked likely to claim anything at the Allianz Arena, trailing from the 10th minute to Robert Lewandowski's opener and then finding themselves 3-0 down at the break.
With Olympiakos winning 2-1 against Zagreb in Wednesday's other Group E clash, Arsenal need to win both their remaining games and for Bayern to beat the Greeks if they are to have any chance of progress.
Wenger, though, is refusing to concede defeat at this stage.
"There is still a chance to qualify," he said. "It's a small chance but there is still a real one."
He added: "You have to give credit to Bayern for their quality but we made things easy for them. We were extremely poor defensively.
"The funny thing was that when we went forward every time we looked like we could create chances but with a defensive performance like that you are going nowhere.''
Wenger stopped short of labelling the performance the worst defensive display of his lengthening tenure and admits progression into the knockout rounds is looking unlikely.
"My memory is not good enough to tell you in 19 years if it is not the worst performance,'' Wenger said. "It will certainly not remain in my memory for anything positive."
As Arsenal lost 3-2 at home to Olympiakos, they would need to better that result in Greece to ensure they come out on top in the teams' head-to-head record.
Per Mertesacker added: "We have to win both games and get two goals on Olympiakos, but it's not over and that's how we have to approach it. We need to bounce back and put away negative energy."
A north London derby at home to rivals Tottenham on Sunday could prove the perfect tonic for Wenger and his players as they look to keep up the pace at the top of the Premier League.
The Frenchman is focused now on that fixture, although he did admit his players may suffer psychologically after this drubbing.
"No matter how many we have, we have to give it all for a chance to qualify,'' Wenger added.
"Anyway we now focus on the championship on Sunday and turn up with a different performance, we are in a strong position in the league because if we play like we did today we are going nowhere.
"Bellerin I don't think will be available for Sunday and Koscielny has a small chance. From tonight we have no more injuries, apart from in their heads we have no more injuries.''