Almunia left the club to join Watford on June 30 after being released from his contract and has just one FA Cup success in 2005 to show for his eight-year spell in north London.
And the Spaniard believes Arsenal’s apparent reluctance to spend money and willingness to let star players leave was the cause of their lack of silverware.
"As a player at Arsenal, it is hard to see the best players go to other clubs every year. They have missed a lot of great players in the last few years,” Almunia told the Sunday Mirror.
"The first year I came to England, I thought 'Oh, I'm going to win a lot of things with Arsenal' but the change then started. The club has been changing every year."
Almunia believes the arrival of Lukas Podolski and Olivier Giroud is an encouraging start for boss Arsene Wenger this summer but insists they won’t cover for the potential loss of Robin van Persie.
"One of these years, everything has to come together and be perfect, and now is the time for Arsenal," Almunia said. "They've signed some good players this year, Santi Cazorla is fantastic."
Wenger’s side play their last friendly of pre-season against Bundesliga outfit Koln next Sunday, with the Gunners taking on Sunderland in the Premier League a week later.
||WHO WILL TOP THIS YEAR'S LIST?