The two Premier League giants are still reeling from having missed out in the title race to Manchester City, Liverpool having fallen away with weeks remaining and Arsenal being edged out on the final day.
Both clubs have reason for optimism for the future, though, particularly the latter who have established themselves as the best of the rest in England's top flight.
The Gunners and Merseyside giants are expected to be busy in the transfer market this summer and find themselves facing the prospect of signing a new goalkeeper.
Having been demoted to deputy to David Raya at the Emirates Stadium, Aaron Ramsdale is keen for a move elsewhere in order to secure first-team football.
Meanwhile, Caoimhin Kelleher may be allowed to depart Liverpool as he continues to remain behind Alisson Becker when the Brazilian is fit.
Feyenoord goalkeeper hints at Premier League desire
In both cases, Arsenal and Liverpool will want to have an alternative in place if they decide that they are willing to cash in on either player.
Nevertheless, it appears that they have a willing replacement in the form of Justin Bijlow, who worked under new Liverpool boss Arne Slot at Feyenoord.
Bijlow has recently held an interview with Voetbalzone where he addressed his future ahead of representing Netherlands at Euro 2024.
The 26-year-old said: "Will I stay at Feyenoord? You never know, do you? That's football, you never know that.
"I'm ambitious, I've always said that. If the opportunity presents itself and a good club comes from abroad, I am open to it."
On Arsenal and Liverpool, he added: "Those are two very nice clubs. Of course it is always nice to be mentioned at big clubs.
"As I said, I'm ambitious. As long as I play for Feyenoord I will give everything for that and first I just want to focus on the Dutch team."
How did Bijlow fare during 2023-24?
Bijlow ended the recently-completed campaign with 23 starts to his name in all competitions, 17 of which coming in the Eredivisie.
A total of nine clean sheets were kept in all tournaments, with only a wrist fracture and calf injury restricting his amount of appearances.
With two years remaining on his contract at Feyenoord, his current employers may be left with decisions to make over his future.