Villarreal progress to the Europa League final following a goalless draw at Emirates Stadium.
Aubameyang had the best chance of the first half to put the Gunners in front, but he struck the left post after 26 minutes.
Arteta’s side showed more intent in the second half, with Smith Rowe and Holding both going close to scoring, before Aubameyang hit the post for a second time with a close-range header 22 minutes from time.
It is the prospect of a season without European football to warm them that freezes the blood in these parts. It will be Arsenal’s first since 1995-96.
Arsenal threw everything at Villarreal in the closing stages, but the Yellow Submarine held on to book their place in the final.
Arsenal will look to respond in their next outing. They face West Bromwich Albion at home in the Premier League.
Villarreal, who meet Manchester United in the Europa League final on May 26th, will look to keep their good form going when they host Celta Vigo in LaLiga.