Former Arsenal midfielder Emmanuel Petit insists the Gunners need to spend big this summer if they are to compete with the likes of Chelsea next season.
Arsenal missed out on the top four last season and finished 18 points behind the Blues, who won the title at a canter and are expected to significantly add to their squad.
Frenchman Petit, who played for both clubs, believes the time has come for the north London side to spend heavily.
“They need to get the chequebook on the table,” Petit, who spent three years at Arsenal, told Sky Sports.
“You want to compete in the Premier League. When you see how much money Manchester City, Manchester United spend to win the Premier League, and Chelsea, on wages as well.
“I think Arsenal have got a salary cap which means they cannot do whatever they want in terms of wages.
“Now they have paid back the loan for the Emirates Stadium, they’ve got the money in the bank. They’re one of the richest clubs in the world and I think financially they have no problems.”
He added: “You need good players but good players for me is not enough – you also need to have a winning mentality.”