Even though Arsenal still have mathematical chances, I think it's fair to say they won't win the Premier League this season. The 12-point gap is just too big. Even though Liverpool is showing some signs of season fatigue and they haven't been performing great recently, I don't see them losing that many points in only 9 games. Even assuming Arsenal beats Liverpool on 10th May, that still wouldn't do the trick.
I think Arsenal has a higher chance of winning the Champions League than winning the Premier League, and that's what they should focus on.