Liverpool sit in seventh place in the table, four points ahead of Arsenal and five points behind fourth placed Chelsea in the Premier League.
The champions have seen their hopes of retaining the title destroyed by inconsistent results and injuries to several key players, but the Reds still have their sights set on finishing in the top four.
With just nine games remaining from now and until the end of the season, Merson believes that any more slip-ups from Liverpool will result in their failure to qualify for the Champions League.
The former forward insists that the upcoming fixture against Arsenal is a must win for Liverpool if they want to have any chance of securing a top four finish in the Premier League as victory at the Emirates would mean one less hard game to worry about.
“It’s a huge game for Jurgen Klopp and his side in the race for Champions League football next season”, Merson told Sky Sports.
“Liverpool have got to win this game. They have to get Champions League football for next season.
“People tell me they don’t but of course they do. It’s Liverpool.”
And he added: “If they are to have any chance, Jurgen Klopp’s side need to win at the Emirates.
“I expect Chelsea to win at lunchtime on Saturday when they play West Brom at Stamford Bridge.
“If Liverpool don’t then win, the gap will be too big, in my opinion. It could be as wide as eight points with eight games left to play.
“However, if Liverpool can beat Arsenal, it will be a massive win for them.
“All of a sudden, one of their harder games disappears and Chelsea have had one of their easier games as we reach the crucial part of the season.”
After beating the Gunners at Anfield earlier in the season, Liverpool will look to complete a Premier League double over Arsenal on Saturday as they fight to keep their top four hopes alive.
