Alan Hansen believes that Arsenal need to spend the money available to them over the next two weeks if they hope to convince fans they are genuine in their push for trophies
With deadline day fast approaching, the Gunners have so far added just one player to their ranks in the transfer window, in the form of Yaya Sonogo.
Tensions with supporters reached an all-time high as the side fell to a 3-1 loss to Aston Villa in the opening game of the season and Wenger was once again left explaining why he didn't see fit to vastly improve the squad over the summer.
Hansen believes that while the side need to improve across the park, the Scot insists Arsenal are devoid of a genuine leader.
"Arsenal have had frailties for the last three or four years in certain positions," Hensen told the BBC. "They have the money to fill those positions and Wenger hasn't done so.
"The goalkeeper, back four and certainly a holding player that is destructive are much-needed.
"They have got multi-talented midfield players and the massive pace of Theo Walcott. OK, they haven't got a potent goalscorer - but it's when they haven't got the ball that the problems are there as we saw against Aston Villa."
He continued: "I've mentioned four or five positions he needs to fill but he also needs a leader on the pitch.
"Manchester United showed that last season how to pick up points when you play poorly. When Arsenal play poorly then usually it is a disaster.
"They need someone on the pitch that when it is going badly is going to say to the players, 'right you get in that position and just sit for a while'.
"You never see that with Arsenal. You see that with every other team in the league, even for the poor teams you see somebody on the pitch being a leader. With Arsenal you never see it."
Thomas Vermaelen, the current Arsenal captain, has struggled with injury and missed the opener against Villa due to a back injury.
Wenger has insisted that he will keep the central defender as skipper for the season ahead, though it would appear that there will be some transfer activity in the coming weeks with the club still reportedly chasing Luis Suarez.