Former Arsenal captain Patrick Vieira believes only the Gunners will be to blame if striker Robin van Persie leaves this summer.
The Dutchman is currently discussing terms on a new contract, having scored 30 Premier League goals during the last campaign.
A third place finish domestically saw the club qualify for the Champions League, however Van Persie will be looking for evidence that Arsenal can sustain a title challenge next season.
"Losing Samir Nasri and Cesc Fabregas last year was a big shock for Arsenal. If they lose Robin Van Persie this year it will be a drama," said Vieira.
"With Samir and Cesc you can say 'okay those two are gone', but behind you know that there is Jack Wilshere and Van Persie still at the club - but if Robin comes to leave, that means next year it may be Theo Walcott, then the next year is it going to be Wilshere? It is going to be difficult for Arsenal to keep the top players," he said.
"On the other side if they keep Robin they are going to send a positive message to all the clubs and to all the people around and I think it's really important to keep him.
"From Arsenal's point of view, I think that is something they should have closed a long time ago, but Arsenal don't need me to tell them that.
"That is the way it is and they will have to deal with it.
"It is a big risk because they lost Samir and Cesc last year. You never know and will have to wait and see what happens."
Vieira's Manchester City, where the Frenchman now occupies the role of Football Development Executive, are one of those reportedly interested in Van Persie.
After last summer's trolley dash in the transfer window, Arsenal have already confirmed the signing of Lukas Podolski from FC Cologne, while links with Rennes midfielder Yann M'Vila persist.
Five players were signed during the final two days of the transfer window last summer, and Vieira says Arsenal's plans in the market will dictate Van Persie's decision.
"Robin wants to win trophies. Arsenal have to show him he can do it with Arsenal," Vieira said.
"The best way for them to get him to sign a contract is to bring players to the club who can show him that the club are in the same line as him.
"It is really important because we know how Robin loves Arsenal - that is not the question, the question is how Arsene Wenger will convince Robin they can win trophies."