Arsene Wenger insists fading Arsenal still have enough quality to win the Champions League this season.

The Gunners boss has virtually conceded defeat in the title race following Saturday’s 1-1 draw with Liverpool at the Emirates.

But he is refusing to write off their Euro chances ahead of tomorrow’s Champions League quarter-final return at Anfield after the first leg ended 1-1.

Wenger insisted: “It is still too early to make any conclusions about our season but I know we can qualify on Tuesday because we have the quality to do it.

“We have made progress compared to last season because we have been challenging for the title right from the start and we are in the last eight in the Champions League.

“The young players have done remarkably well and carried the team. Now we need to prepare physically and mentally for Tuesday.

“This team have given everything against a very good Liverpool defence.”

Wenger admits his squad has been stretched to the limit in recent weeks but defends his transfer policy.

While Arsenal’s Big Four rivals have spent millions on superstar signings in recent years, Wenger is operating at a profit in the transfer market.

Since Rafa Benitez took charge at Anfield in 2004, Liverpool have spent £154million, Manchester United £124m and Chelsea a staggering £250m.

Yet Wenger has spent just £52m and recouped £70m from the sale of stars such as Thierry Henry, Patrick Vieira, Ashley Cole, Freddie Ljungberg and Jose Reyes.

Arsenal’s directors have always said there is no restriction on spending.

And with billionaire shareholder Stan Kroenke making his first visit to the Emirates on Saturday, there is even more pressure on the manager to buy experienced stars in the summer.

But Wenger insisted: “If we had squads like the other three clubs, we would also have wage bills like them.

“I know that we have a rich budget and, when the stadium is paid for, we have a big financial potential. But I also feel some young players have made a big progress and will be better players next year.

“I could have spent in the January transfer window but I did not know then that Eduardo, Robin van Persie and Tomas Rosicky would all be out at the same time.

“The turning point was losing Eduardo when we were already without Van Persie and Rosicky. If we’d had everyone available we would still have been top of the table.”

Kop boss Benitez knows a wounded Arsenal will be tough opponents tomorrow. He said: “They have a lot of quality and are always dangerous."

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