Micah Richards says Arsenal cannot attract big-name players at the moment and too much reliance on young players will get Mikel Arteta the sack.
The Gunners have added the likes of Aaron Ramsdale, Nuno Tavares and Albert Sambi Lokonga to their squad in this transfer window.
The club’s owners have kept their promise in backing Arteta, but his team has started this campaign poorly.
Looking at other clubs, Manchester United has added Jadon Sancho and Raphael Varane to their squad, while Manchester City has splashed the cash on Jack Grealish.
Arsenal is still expected to compete for a place in the top six this season, but Richards says Arteta cannot add big-name players to his squad because of how poorly his team is performing and the current group of players that he has will not help him save his job.
The Gunners will face Manchester City in their next Premier League game and they will have lost their first three matches at the start of the season if they are beaten.
Discussing Arsenal on BBC Radio 5 Live, Richards said: “At this moment, Arsenal can’t attract the top, top players, because players want to go to the better performing teams at this moment in time.
“When you say they’ve spent a lot of money, they’re buying second-tier players, or players with good potential who could become that.
“You should think that the manager’s got some input in the players that they’re getting.
“But I just think with Arsenal now, they’ve got themselves in such a rut, they’ve done a couple of panic buys.”