Iwobi also admitted that the Gunners’ target, will be to secure Champions League qualification.
Arsenal suffered a dismal run of form towards the end of the 2018/2019 campaign and missed out on to the top four.
Unai Emery’s side finished 28 points behind champions Manchester City, who edged out Liverpool by just one point.
Pep Guardiola’s men will bid for a third successive Premier League title next season and Iwobi says they are deserved favourites.
“Everyone thought that last season, but Liverpool give them a tough challenge as well. So, you never know what could happen.
“I’m sure every club’s going to invest and try and get their team right. Pre-season’s coming up really soon, so everyone’s trying to get ready for the season to start.
“It’s hard to say right now whether Man City are going to dominate, but they could be favourites, considering they won it again,” Iwobi said.