In fact, the talkSPORT host would be impressed if Mikel Arteta's side finished the 2022/23 campaign inside the top-four.
Arsenal are currently locked in a nail-biting racing for fourth with arch-rivals Tottenham, who are two points behind, but crucially host the Gunners on May 12.
Regardless of whether Arteta's side qualify for the Champions League, there has been undeniable progress under the Spaniard, despite a shocking start to the season.
With a young squad set to improve, and attacking reinforcements expected this summer, some have tipped Arsenal to press on and challenge even higher up the table next term.
But Jordan expects the top-four race to be even more difficult for the Gunners, while runaway title contenders Liverpool and Manchester City show no sign of slowing down.
"Arsenal are building, rebuilding, and getting some momentum," Jordan told talkSPORT.
"If there's an argument that irrespective of how ambitious they are in the transfer window this summer, they can win the title - I think that's a bit far-fetched.
"I think unless there's a significant decline at Man City… and we're talking about them signing people like Erling Haaland, so there won't be any decline there.
"Jurgen Klopp has signed on for another two years to add to the two years on his contract, so he's still in the game.
"I think Arteta will do very well to stabilise Arsenal in the familiar territory that Arsene Wenger's legacy had - which was to always be playing in Europe, and more often than not, the Champions League.
"Arsenal are still very much a work in progress and they're going to need to invest quite significantly in a variety of players - especially forward players.
"My view is that this will be the making or breaking of Arteta. Two or three years into his job, if we're not seeing Arsenal winning things, questions will start to be asked about where they're going to get to.
"I think they'll do well next year to get inside the top four. You've got an Erik ten Hag-infused Manchester United. You've got new Chelsea owners and Thomas Tuchel maybe back to his best. You've got Antonio Conte at Tottenham.
"I think they'll do very well to win fourth spot. That would be considered a win. I don't think there's a parallel universe where a sensible case can be made for Arsenal to win the Premier League.
"I think Arsenal are half a decade away from vaguely resembling something like that."