The Watford skipper irked the soft-touch Gunners in 2017 when he accused of them of lacking “cojones”.
And, although he has seem dramatic improvements under Unai Emery, he has once again told them they are miles off the Premier League pace.
Deeney told 5Live: “Everyone knows me and Arsenal don’t get on too well.
“But I think there has a steeliness that has been brought in and there are goals throughout the team.
“They have different styles of play now and can play with the two boys up front that are always going to score goals and give you something to build on.
“But football works in six-month periods between transfer windows and they are going to have to go again.
“Look at how transfer windows they are behind the big boys. They are probably six, seven or eight behind the big boys. That is just being realistic.
“I know people are saying it is a massive improvement but that’s only on what they had last year.
“But they are still behind the likes of Man City and United, not just in spending but in the quality they have brought in.”
Back in October 2017 Deeney played his part in a bulldozing Arsenal in a bruising 2-1.
And, in his post-match interview, he pulled no punches when asked why such a collection of classy players fell short so often.
He said: "I have to watch what I say, but it's a bit of cojones.
"Whenever I play against Arsenal, I'll go up and think 'let me whack the first one and see who wants it’”.
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