Arsenal will recover from their "gutting" Champions League final defeat to Paris Saint-Germain, so says Declan Rice.

The Gunners' wait for a Champions League triumph rolls on after they lost 4-3 to PSG on penalties in Budapest.

Kai Havertz put Arsenal ahead inside six minutes, but that was the only shot on target Mikel Arteta's team managed.

Ousmane Dembele equalised for PSG from the spot in the 65th minute, and after a tense 120 minutes, Luis Enrique's team came out on top in the shoot-out after Gabriel Magalhaes sliced over the crossbar.

"It's gutting, it's devastating to lose a Champions League final on penalties," Rice told TNT Sports.

"We've tried to take a lot of perspective on how far we've come as a group. We've had an incredible season. We've given it absolutely everything – we took the game to penalties. It's a lottery. You either win on pens or lose on pens; some of the best teams ever have lost on penalties in finals.

"It's sad to see the season end with that but we win together and lose together. What a season, it's been incredible. I'm obviously gutted but I'm trying to take a bit of perspective, from where we started at last July to where we are now, it's been an incredible journey this season, so we'll be back."

Eberechi Eze also missed a penalty, prior to Gabriel's horror show with the final spot-kick.

"They're devastated, to miss a penalty in the Champions League final isn't nice," Rice added.

"But we're with them, we love them. It happens in football. They're not going to be the last players to miss penalties in finals and without them two this season, we wouldn't have won the Premier League, I'm sure. It happens, it's cruel, but we take the positives and keep going."

Arsenal’s possession average (24.7%) was the lowest by a team in a Champions League final on record (since 2003-04), as well as their lowest in any match under Arteta where they had 11 men on the pitch throughout, though Rice defended their approach.

"Against PSG you need to be mentally on it," Rice said. 

"I'm sure a lot of people will have wanted a game like how Bayern Munich played against them, but if we' d have gone out there and played like that, that's what they want and how they score five or six.

"I think as the game went on we really grew and had some chances and nullified them. But credit to them – they've lost loads over the years and now it's their time. Small losses, and that's what we've got, now we have to keep pushing and try for something big."

The Gunners remain the team with the most games in European Cup/Champions League history to never lift the trophy (226).