Bob Wilson believes the only way Arsenal can attract the best players without Champions League football is by paying them higher salaries than their rivals.
The former England goalkeeper used the PFA Player of the Year, N’Golo Kante as an example after he moved to Chelsea last summer.
Kante made a big-money switch to Stamford Bridge from then Premier League champions Leicester despite the London club finishing tenth in the league during that campaign.
Wilson thinks Chelsea beat the Gunners to the signature of the highly-rated defensive midfielder because they offered a higher wage.
As a result, ex-Arsenal man Wilson thinks that is the only way his former side can compete following another poor campaign.
“How are you going to get Antoine Greizmann to sign?” Wilson told BBC Sports. “Without the Champions League, the only way is if you can compete salary-wise to attract the players.
“Chelsea bought the best player available last season in N’Golo Kante and Arsenal went for him too but came nowhere near the salary that Chelsea pay.
“So the board has to be realistic and say: ‘Are we going to compete at this level?'”. 74
Arsene Wenger’s side finished outside of the top four places for the first time during his 21-year managerial tenure at the club.
It means the north London outfit will be playing Europa League football next term which could hinder their chances of signing the elite players across Europe.
Chelsea, Tottenham, Manchester City and Liverpool all finished in the top four and already have an advantage over Wenger’s side in the transfer market.
Added with that, Jose Mourinho’s Manchester United ended their campaign by beating Dutch outfit Ajax in the final of the Europa League, which also means they will be playing in Europe’s biggest club competition next term.