That is the opinion of Ray Parlour, who fears his former club will struggle to attract the big players this summer as they once again failed to qualify for the Champions League.
The Gunners are set to finish sixth this season and their Europa League campaign was ended by Atletico Madrid last week.
Wenger, 68, has just two more games in charge of the club and his successor will have a huge job on his hands this summer, according to Parlour.
If I was the new manager going into the club in the summer, the first thing I would say is: “How much have I got to spend?”, he told talkSPORT.
Id say they would need £200m, but a little bit more if they want to compete – £250m.
A big problem Arsenal are going to have this summer is attracting the big players, because theyre not in the Champions League.
The challenge for Arsenals new manager is to get back into the top four, and to do that youve got to have investment – simple.
The board have got to back him. They wont want to spend a lot of money in the summer. But thats what theyre going to have to do if they want to compete in the top four.
Max Allegri, the 50-year-old Italian who has won three Serie A titles at Juventus, is the frontrunner to replace Wenger at the Emirates.
Ahead of Arsenals penultimate fixture of the 2017-18 season, Wenger said of his teams horrendous away record in 2018: It was special circumstances.
We played the League Cup final, the Europa League. Away from home I rotated the team to prepare for these cup games.
I want to win the last two away games. Ill go to Leicester to give absolutely everything to win.