McGoldrick moved to Arsenal after Crystal Palace's relegation from the Premier League in 1993. At Arsenal, he linked up with Wright once again, making his debut in the Charity Shield against Manchester United on 7 August 1993. He played a total of 38 games in the 1993–94 season, which included a substitute appearance in Arsenal's European Cup Winners' Cup final win over Parma. McGoldrick was thereafter less of a regular due to the arrival of players like Glenn Helder. He was also known for taking Arsenal's corner kicks with an unorthodox 'looping' style, by lofting the ball high into the air before it dropped in the penalty area. In all he played 57 times for Arsenal, scoring one goal; his goal coming in the 1993–94 European Cup Winners' Cup against Standard Liège.