The Gunners are now five points adrift of Barclays Premier League leaders Leicester after losing 3-2 at Manchester United on Sunday.
In the aftermath of the defeat, against a United side that had more than a feel of a makeshift look to it, Wenger and his players were criticised by Sky Sports pundit Graeme Souness - who called the team "weak and insipid".
"Arsenal today bordered on being a joke for me," the former Liverpool boss said.
"This is an Arsenal team you were saying a month ago was a real team
They've got to play Tottenham, Barcelona - by March 16 they could be out of all competitions.
"Arsene Wenger must be tearing his hair out
This Arsenal team just doesn't have 'it' - and I'll stand on my head if they prove me wrong and go and win this league.
"They've been so weak, so insipid
If I were an Arsenal supporter I'd be so angry right now."
Former Arsenal favourite Paul Merson also called for Wenger to leave if either Leicester or Tottenham win the league but the Frenchman believes the strength criticism are unjust.
"I'm never surprised by the criticism that comes," he said.
"That's part of the media today
Part of the opinion is always a bit excessive and emotional, but we have to deal with that and I don't complain about it.
"I don't want to respond to individual criticism
I think people are a bit too emotional and we want to put things into perspective by analysing things a bit more in a neutral way
This club is respected all over the world despite what people say.
"Everybody has freedom of opinion and I enjoy very much that people care about my future
I thank them for that
Apart from that, in my life, I always taken care of myself and my future."
Wenger has called on his players to respond to their public shaming by using it as motivation to beat Swansea on Wednesday night and get themselves back into the title race ahead of a massive north London derby against Spurs at the weekend.
"That's what we want to do," he added.
"We want to transform the negatives into positives around us and create even more solidarity
Let's not go overboard, we do not play to be relegated.
"We are playing to fight for the title
That's why we have to put criticism in the right place."
Leicester may top the table but their manager Claudio Ranieri has said second-placed Spurs are the title favourites.
Wenger would not be drawn on the subject but now feels his side will need to spring a surprise to claim their first Premier League crown in 12 years.
"I have no favourites," he said.
"For me, the only level of energy I put in is into my club
What we want to do is defy all the odds that are against us at the moment
The best way to do it is to fight together for that."
Having played, and lost, to Barcelona and United in the last week Wenger has hinted he could make changes for the visit of the struggling Swans
Danny Welbeck will likely be among the substitutes as he works his way back to full fitness, while Per Mertesacker could return in defence after Gabriel was out-foxed by United's young striker Marcus Rashford on Sunday.
But one player whose involvement over the rest of the season is now in doubt is Alex Oxlade-Chamberlain.
The England winger injured his knee in the Champions League loss to Barcelona and Wenger has revealed he could be out for as long as two months.
"(He will be out for) six for eight weeks," he said of Oxlade-Chamberlain's injury.
"No surgery
We feared surgery at some stage before we saw the MRI
In the end we got, on that front, positive news.
"The next eight weeks means March and April
He should be okay for the European Championships."
Source : PA
Source: PA