The two sides meet at Goodison Park on Sunday afternoon in a match that will help decide who finishes in the top four.
Osman admits that while the Toffees remain outsiders, they need to beat Arsenal if they have genuine ambitions to finish fourth.
"Even if we win against Arsenal," Osman told The Guardian. "We still have to try and finish above them in the league.
"At the moment they are in a stronger position than we are. Arsenal are four points ahead so we are outsiders.
"If we've got genuine aspirations of overtaking them then we have got to win this game."