BUDAPEST, Hungary -- Mikel Arteta has urged Arsenal to be "very ambitious" this summer as he marveled at Paris Saint-Germain's individual quality following Saturday's Champions League final defeat in Budapest.
Gabriel Magalhães missed the decisive spot-kick as PSG edged the shootout 4-3 following a 1-1 draw at Puskas Arena in Budapest.
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The Gunners may have won their first Premier League title in 22 years but their wait for a maiden Champions League triumph goes on, 20 years after losing their only other final appearance.
"First of all I will take a few days with my family and then we will start the process to review what we've done," Arteta said at his news conference.
"We [will] start to make some very important decisions if we want to reach another level. And we're going to have to show that ambition because we are more than capable of doing it, but it's going to demand to be very, very ambitious, very fast and very smart.
"I want to congratulate PSG, [coach] Luis [Enrique] in particular, because they are, in my opinion, the best team in the world. What they are able to do with the ball, with individual actions, I haven't seen it, and it's not the plan to play in certain areas when you don't have the ball, but they force you to do that. So, even more credit to the players."
Arsenal manager Mikel Arteta walks past the trophy after losing Saturday's Champions League final to Paris Saint-Germain. Marc Atkins/Getty Images ESPN has previously reported that Atlético Madrid striker Julián Álvarez is among their list of high-profile targets this summer, although they are set to face strong competition from Barcelona for his signature.
Kai Havertz put the Gunners on course for victory with a sixth-minute strike from a tight angle but Ousmane Dembélé's 65th-minute penalty -- awarded after Cristhian Mosquera fouled Khvicha Kvaratskhelia in the box -- forced extra time.
PSG dominated the game -- amassing 75% possession and registering 21 shots to Arsenal's seven -- but they were unable to find the breakthrough, until both Eberechi Eze and Gabriel missed the target in the shootout.
David Raya saved Nuno Mendes' penalty but PSG still came through.
"[I feel] pain, that's it, when you are so close in the competition and you are a few penalty kicks away from winning the biggest football club competition, that's the way which you feel.