Arsene Wenger is reportedly considering the recall of either David Seaman or Jens Lehmann to the club, to work on the Gunners' coaching staff.
The Frenchman is planning a shake-up of the club's goalkeeping department, according to the Daily Mirror, and is planning to move for either Lehmann or Seaman, who were highly impressive during their time in north London.
Seaman was part of the team that won the double in 1998 and 2002, while Lehmann kept goal for The Invincibles (2003/04) and also played a key role in the club's journey to the 2006 Champions League final.
Wenger has been disappointed by current No1 Wojciech Szczesny's dip in form and has questioned the effectiveness of the 22-year-old's coaching, after becoming increasingly concerned by the errors the Pole has made this season.
The report claims both Lehmann and Seaman have been spotted at Arsenal's London Colney training base in recent weeks. However, Wenger could look at other candidates as well. It is unsure whether the arrival of a new mentor would end current goalkeeping coach Gerry Peyton's stay with the club.
Meanwhile, Theo Walcott feels it would be a tragedy if Arsenal were to fail to secure Champions League football for next season.
The Gunners are fifth in the Premier League, two points off fourth-placed Chelsea, who have a game in hand. Arsenal were knocked out of the Champions League last 16 by Bayern Munich on Wednesday 13 March.
"We want to be at places like Bayern Munich again, it would be a tragedy for this team not to be in the Champions League. The way we played in Germany shows how much we have underperformed at times this season," Walcott said.
"It's been up and down. For the big occasions, we tend to turn up - it's just very frustrating. We need to take the desire and confidence we showed in Germany into the Premier League," the forward added.