The club ended their Premier League campaign in fourth, having pipped local rivals Tottenham Hotspur to the position on the final day.

Before the season commenced midfielder Patrick Vieira was sold to Juventus; striker Thierry Henry assumed his club captaincy role.

Alexander Hleb was purchased from Stuttgart for an undisclosed fee in July 2005; in the winter transfer window Arsenal signed midfielder Abou Diaby, and forwards Emmanuel Adebayor and Theo Walcott.

An indifferent start in the league saw Arsenal peak in second position after 13 matches, but a run of three consecutive defeats a month later had effectively ruled them out of title contention.

On the final day, they beat Wigan Athletic 4–2 at Highbury; Tottenham Hotspur's defeat at West Ham United meant Arsenal secured fourth place.

In the 2006 UEFA Champions League Final held at the Stade de France in Paris on 17 May 2006, goalkeeper Jens Lehmann was sent off for a professional foul on Barcelona's Samuel Eto'o.

Although defender Sol Campbell gave Arsenal a first half lead from a set piece, the team conceded twice in the final 15 minutes to lose the match.

[4] Poor form throughout November allowed league leaders Chelsea to extend the gap at the top; Wenger conceded retaining the title in April 2005, calling his opponents "worthy champions ... they have been remarkably consistent.

[6] In spite of exiting the Champions League to Bayern Munich in the second round, the team won the 2005 FA Cup Final against Manchester United – winning 5–4 on penalties after a goalless draw.

The club planned to move half a mile to the Emirates Stadium, considered "vital to our future" by Wenger, as it financially would help them to compete at the top level.

[8] To mark the valedictory campaign titled "Highbury – The Final Salute", the club staged many special activities on matchdays "...to celebrate the many great players and moments that this fantastic stadium has witnessed.

Arsenal made four more additions during the season: goalkeeper Mart Poom, signed on a permanent deal, midfielder Abou Diaby, who reportedly turned down an offer to join Chelsea[12] and forwards Emmanuel Adebayor and Theo Walcott.

After the early departures of Jermaine Pennant and Stuart Taylor, club captain Patrick Vieira joined Italian side Juventus in a £13.7 million deal.

Wenger commented afterwards that Chelsea's gameplan made it difficult for the Arsenal defenders, and noted his opposition's strength was playing long balls.

In spite of having a man advantage after midfielder Jermaine Jenas was sent off for a challenge on Gilberto Silva, striker Thierry Henry scored from the penalty spot in the 81st minute.

[46] Despite being "technically the better side" away to West Bromwich Albion, Arsenal lost 2–1; Wenger after the match commented that the team "played with great spirit but … were punished for a lack of experience and maturity because we didn't take advantage of the chances we created.

[66] A stoppage time goal scored by Gilberto earned the team a point against Bolton Wanderers at Highbury; they went 1–0 down in the 12th minute after Kevin Nolan chipped the ball past goalkeeper Jens Lehmann.

[76] Arsenal drew 1–1 at home to Tottenham Hotspur, with Wenger choosing to rest players in mind for the club's Champions League semi-final.

[78] In the final competitive match played at Highbury, Arsenal faced Wigan Athletic, needing to better their rivals result to guarantee Champions League qualification.

[79] Tottenham Hotspur's defeat against West Ham United meant Arsenal finished fourth, a position Gilberto felt the club "deserved".

[83] Arsenal faced Bolton Wanderers the following round; an understrength team lost 1–0 after Giannakopulos headed in the winning goal, six minutes from the end of the match.

[90] In spite of Van Persie's dismissal against Thun in the opening group match, Arsenal won 2–1, courtesy of a late goal by substitute Bergkamp.

[91] A 2–1 win against Ajax[92] was followed by a 2–0 victory against Sparta Prague; Henry scored both goals to surpass Ian Wright's all-time leading scorer record.

[102] A late penalty save by goalkeeper Lehmann in the second leg helped Arsenal become the first London club to reach a Champions League final.

"[105] In the final against Barcelona at the Stade de France in Saint-Denis, Paris, Arsenal fielded a 4–5–1 formation, with Eboué replacing the injured Lauren, and Cole making a return at left-back for Flamini.

[106] Wenger used his post-match press conference to criticise referee Terje Hauge for sending off Lehmann, a view later shared by club captain Henry and FIFA president Sepp Blatter.