George Graham claims Arsenal need to sign at least four players if they're to compete for trophies this season.
After eight seasons without a trophy, Arsene Wenger will be desperate to add silverware this term after a series of disappointing seasons which have fuelled criticism of the Frenchman's transfer strategy.
Arsenal are believed to have been given a bumper transfer budget this summer as they edge closer to paying off the debts relating to the Emirates Stadium.
The club only boast one signing so far this summer - French youngster Yaya Sonogo - and Graham insists that substantial spending is necessary to return Arsenal to their glory days.
"Over the last few years Arsenal have not won a trophy and have spent a lot of money on the new stadium. Now is the time to spend money on top-quality players," he told Talksport.
"They need three or four quality players that can go straight into the first team. They have got quite a lot of money so it as an important summer for Arsenal and Arsene Wenger.
"They need an experienced second-choice goalkeeper, a top-quality physical centre-half, a holding midfield player and a finisher up front."
Arsenal are understood to have submitted two bids for Luis Suarez, with both coming under his reported £40m release clause.
While some Gunners fans have admitted they are not too keen on the controversial striker making the move to the Emirates, Graham believes that it simply comes down to what he can do on the pitch.
He explained: "All the publicity that goes with Suarez takes away from how good a player he is. Suarez is one of the top strikers in Europe. If he comes to Arsenal, then he will get lots of goals."