The north London side suffered a damaging blow to their hopes of finishing in the top four in the Premier League this season when they were beaten 1-0 by Tottenham on Saturday's north London derby clash at Wembley.
Kane headed home the victor early in the second half at Wembley, and leads the Premier League scoring charts with 23 goals to his name already, or 32 from 33 appearances in all competitions. Spurs possess the hottest striker in Europe, Harry Kane, who Wenger admitted was the best in Europe.
"The game was there in the first half, they were a bit cagey and we defended well". We missed opportunities on counter-attacks that are not missable at our level.
After a sluggish first half, Kane jumped highest to head home his seventh derby goal in seven games and Spurs would have won by a greater margin but for an inspired performance from goalkeeper Petr Cech.
"Once they scored you could see we were wobbling and they could have scored more but in the last 10 minutes we should have come back to 1-1".
"We'll look back and take some positives, but at the end of the day it was a big game for us and we lost".
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"The reason is that I believe the 11 players that played today were the best to win".
While their rivals have been on the way forwards, Arsenal have clearly looked like they are very much going backwards from where they were.
Following the disappointing loss, Arsenal are glued in the sixth place on the EPL standings with 45 points, five behind fifth-placed Chelsea who still have a game to play.
Wenger said he would not rotate his players against Ostersund, with the Gunners having next weekend off after being eliminated from the FA Cup. That makes it much more hard now but we have to fight for as long as we have a mathematical chance.
"But more than anything, what they have done in those last few weeks is re-establish themselves as being the sort of team that Mauricio Pochettino wants them to be".
Kane, 24, has continued to star this season, scoring 22 Premier League goals to take his tally to 100 overall in the competition.
In south Wales, Swansea registered a third Premier League victory in four matches with Ki Sung-yueng's late strike lifting them to 15th after a tense victory against out-of-from Burnley.