Since they beat league leaders Leicester City 2-1 on Feb. 14, Arsenal have exited the Champions League to Barcelona, dropped 11 points off the pace in the Premier League and were knocked out of the FA Cup by Watford.
Germany international Ozil said Arsenal could still claw back the deficit to Leicester in the league but will only have themselves to blame if they end the season empty-handed.
"Looking at our season so far, we have to be honest and admit that we mucked it up ourselves,” Ozil told German website spox.com.
"We did not play to our potential in the games against the so-called smaller teams. You immediately get punished for that in the Premier League.
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"But we still have a chance of winning the title. We have to hope Leicester and Tottenham slip up and then make the most of it."
Arsenal, who host their FA Cup conquerors Watford on Saturday, have received an injury boost with the news that Jack Wilshere and Tomas Rosicky have returned to full training.
Rosicky, who has been plagued by injury issues, suffered a thigh problem in his first game of the season in January.
Wilshere has yet to play this term after fracturing his leg in August and Wenger said he would not be rushed back.
"It's his first week back in full training and we’ll see how he responds to that, but the first signs are quite good. We’ll assess our options next week," Wenger said on the club website.
(Reporting by Toby Davis; editing by Ken Ferris)
