They were due to go out in fancy dress for a night on the town but decided it was a bad idea on the back of the defeat at Manchester City on Sunday.
Senior players, like Petr Cech and captain Laurent Koscielny, were concerned about the message it would send if they were pictured partying in comedy costumes.
Some still went out for a drink or a meal but they did not want a repeat of last year when they were pictured in fancy dress.
Arsenal’s players had been out the previous week with their WAGs in London after the defeat at Everton at a social gathering organised by the club.
But the second one was the players’ party which they do most years with the blessing of Arsene Wenger.
However, on the back of the defeat at City, they decided to cancel it straight away after falling nine points behind in the title race.
Some players attended a Junior Gunners party on Thursday.
Alexis Sanchez was among the players who partied with 150 lucky young fans, who were picked at random to attend a festive fun-day and celebrate with the club.
Sanchez entertained the group of children at Arsenal’s Training Centre in London Colney, where he posed for selfies and took them all on in a quick game of football.
Other players who took time out of their busy December schedules to meet the fans included Mesut Ozil, Hector Bellerin, Oliver Giroud and Alex Oxlade-Chamberlain.
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Alexis Sanchez selfies with Junior Gunners
The above video shows Sanchez taking a picture with the youngsters, who all look absolutely chuffed to be celebrating Christmas with their Gunners favourite.
The footage emerges as it was revealed the Chilean finds London life stressful – casting more doubt on his long-term future at Arsenal.
The 28-year-old currently has just 18 months left on his current contract at the Emirates and the north London side are understandably keen to tie him down to a new deal.
But Arsenal are reluctant to meet Sanchez’s wage demands of more than £200,000 a week, and his latest comments about life in the English capital will be of concern to some supporters.
Speaking to the Arsenal magazine, he said: “I like to go to London to eat something or have a drink with my friends. However, I am a very home-loving person and I spend a lot of time at home.”
He added: “I do explore the city if I have the time for it but normally I would rather stay relaxed at home. London can be a stressful place because it’s crowded and it’s a big city.”