That’s according to Ian Wright.
Mkhitaryan struggled as the Gunners laboured to a 1-0 win away at 10-man Watford last night.
The Armenian was well below par at Vicarage Road and wasted a great chance from an Alex Iwobi cross.
In 32 Premier League matches for Arsenal, Mkhiatryan has returned eight goals and eight assists.
That’s since he moved to the Emirates little over a year ago in a swap deal with Manchester United that saw Alexis Sanchez go the other way.
And Wright feels as though both attackers are playing well below their peak level.
Asked if Mkhitaryan has simply struggled to settle in the Premier League having also failed to convince at Old Trafford, Wright told Premier League Productions: “I totally agree to a certain extent but we’re still talking about a quality player.
“He’s come in and we know he’s a quality operator but it’s just not happened.
“Between these two [Mkhitaryan and Sanchez], they’ve both had an absolute nightmare. Honestly they’ve had an absolute nightmare.
“Even if that’s the case, then you’d have to say with the assists, it’s not enough.
“I think Man United will be looking at Sanchez and would’ve thought they’d have got more than that.
“The people who got the best deal out of this was the agents, really, to be totally honest.
“Them two, they’re nowhere near what they should be.”
Mkhitaryan was also recently criticised by one of Wright’s ex-Arsenal team-mates, Paul Merson.
He feels that the 30-year-old simply doesn’t have enough of a work ethic defensively.
Merson told the Daily Star: “Unai Emery could cost his team Champions League football unless he wises up.
“Arsenal are a completely different team away from home and they keep making the same mistake and losing.
“They have a soft centre and they need to be much harder to beat when they go away.
“You can’t go to Everton and play Mesut Ozil and Henrikh Mkhitaryan. You’re going to get overpowered.
“If you play them away from home, as soon as you lose the ball you’re playing with nine men.”