Palmer has lit up the Premier League following his move to Chelsea from Manchester City, scoring 20 goals.
The Gunners were knocked out of the Champions League following a 1-0 defeat by Bayern Munich.
The Gunners were beaten 1-0 by Bayern Munich to exit the Champions League 3-2 on aggregate.
Man City 1-1 Real Madrid (4-4 agg; Madrid win 4-3 on penalties): City knocked out after agonising penalty shootout defeat