Goals from Shkodran Mustafi and Sanchez gave the Gunners a comfortable 2-0 win over their north London rivals at the Emirates Stadium, with Ozil named man-of-the-matchfollowing an energetic attacking performance.
The win moved Arsenal within a point of fourth-placed Spurs in the Premier League table, with Neville praising the Gunners' performance as one of the best he had witnessed in a long time.
"That's as good as I've seen Arsenal, it really is," he told Sky Sports. "Overall my assessment of the game today was Arsenal were absolutely fantastic from number one to 11. There wasn't a poor performer."
Neville reserved special praise for the tone set by Ozil, Sanchez and Lacazette, who started together for only the third time this season.
"Today they were fantastic and I couldn't speak highly enough about Sanchez," he said. "He's a brilliant player. I thought Lacazette's positions were sensational and caused real problems for Eric Dier, Davinson Sanchez and Jan Vertonghen in terms of tying them back.
"Ozil is fantastic on the ball. A great decision maker but he can become despondent. His body language can set the tone for the rest of the actual players on the pitch and the stadium," Neville added.
"Today I can think of a Mousa Dembele challenge in the first half. His work rate in getting back was there and why can't we see that every single time?
"We've seen what they can do now and those three can win an incredible amount of points for this football club because the rest of those teammates will come with them if they can perform like that."
Graeme Souness said he would reserve judgment on Arsenal until they travelled to Burnley next weekend and wondered whether Arsene Wenger's side can show the same level of intensity at Turf Moor.
"Today was a special performance, but there is still the lingering question what Arsenal will turn up next week," the former Liverpool midfielder said.