The Arsenal manager and players understandably looked dejected at the full-time whistle.

"It is very tough to accept when you are so consistent all the way to the final and in the end you lose the trophy on penalties," Arteta said, before mentioning the decision not to give Arsenal a penalty in the second half when Noni Madueke tangled with Nuno Mendes.

"I watched all the penalties in the competition in the last 72 hours to understand what a penalty is and what is not, and that easily can be a penalty," said the Spaniard.

"But it is if, if, if. It is not what happened.

"We need to do better, we have to improve and find different margins to get the outcome that we want."

Arteta has already turned his mind to next season and helping Arsenal return to this stage.

"First of all I will take a few days with my family and they will start the process to review what we've done," he said.

"We'll start to make some very important decisions if we want to reach another level.

"And we're going to have to show that ambition because we are more than capable of doing it, but it's going to demand us to be very ambitious, very fast and very smart."

Arsenal spent around £250m in last summer's transfer window and they look set to invest again, with a midfielder, left winger and striker all targets this summer.

"They are 100% not going away," Nedum Onouha told BBC Sport.

"They have shown this season and last season that they are good enough to go deep in the Champions League.

"Even though they have lost they are still one of the best teams in Europe."

Arsenal will celebrate their Premier League title win on Sunday in front of their supporters in north London.

"If you'd offered them at the start of the season - that they would win the Premier League title and lose the Champions League final by a penalty kick, then it is not a bad season, it is a great season and I mean a really great season," Pat Nevin told BBC Sport.

"Let's remember they have lost tonight but they are the Premier League winners," Onouha added.

"They have got their parade to look forward to and I don't think there will be any fewer people turning up tomorrow just because they have lost the Champions League final.

"I think the club is in a great position, the manager has been there for many years now and he has a bunch of players who are still very very hungry, even though they have been successful."

The review of the Arsenal squad will come in the summer but this team has progressed so much from the one that Arteta took over in 2019.

Bukayo Saka is the last player left from that squad and Arteta said it has been a "joy" to share this season with his players and staff.

Arsenal have looked at how they could generate money in the coming transfer window by potential player sales.

There is also a group of exciting youngsters, including 19-year-old Myles Lewis-Skelly - who started in Budapest - Ethan Nwaneri, 19, and 16-year-olds Max Dowman and Marli Salmon who could emerge as first-team regulars in the coming seasons.

"It is cruel for Arsenal fans, but it is inevitable that this club win the Champions League," European football expert Julien Laurens said on 5 Live.

"Mikel Arteta will see the positives because that is the kind of guy he is. Arsenal are getting closer and closer."

And for Arteta, despite the pain, says he is ready to celebrate what has been a big step for his Arsenal side.

"I already know how they [the fans] feel about the team. I want to thank them for everything they've done for us throughout the season."

"Difficult moments like this, they've been with us. It's been a joy to see the reaction they've had when we've been able to win a league after 22 years.

"It hurts a lot for them not to win it today because I can't even imagine what would have happened.

"We all had a huge desire to win it and tomorrow we'll have a great day, I'm sure."