Ian Wright has slammed Arsenal for allowing the contracts of Mesut Ozil and Alexis Sanchez to run down and has called for the latter to be sold in the January transfer window.
Sanchez and Ozil are both in the final year of their contracts and are free to discuss a Bosman move with foreign clubs from January.
Wright said the way Arsenal's board had mismanaged the duo's situation at the club had been "disgusting business" and claimed outsiders were "laughing" at way the club was being run.
Barcelona and Manchester United are reportedly readying bids for Ozil in the January transfer window, while Manchester City, Bayern Munich and Paris Saint-Germain have all been linked with Sanchez.
"It is terrible business for Arsenal, for a club that is accused of being a business to allow two players like that to run their contracts down," Wright told Sky Sports.
"Sanchez on top form is easily a £100m player. Ozil on top form is worth £70m to £80m. Arsenal are letting that go. It is disgusting business on the management side for Arsenal.
"How are you going to sell players like that in January for £25m? It is like people are laughing at you. Manchester City could find £25m in the car seat or something. And you're going to get Sanchez for that kind of money? For it to get to this point where they can be offered that kind of money. And why would you offer £60m when they are free in a few months?"
Wright advised Arsenal to sell Sanchez in the January transfer window as he "does not look interested" in performing for the club.
He said: "With the way that Sanchez is playing and having seen him be substituted in recent times, something that never used to happen, I would probably take the hit on him now because it looks like the towel has gone in and his heart isn't in it now."
Arsenal's next league assignment sees them hosting Liverpool at the Emirates Stadium on 22 December.