The ex-Gunners goalkeeper has urged Arsene Wenger to splash some cash this summer and has backed the north London outfit to compete for honours if they recruit wisely
The north London club have met the release clause in Marouane Fellaini's Everton contract, while they are also close to finalising a deal for Real Madrid striker Gonzalo Higuain.
And Seaman, who made 405 league appearances for Arsenal, is convinced that signings of that ilk are required to help the Gunners end their eight-year trophy drought and push them towards the Premier League summit.
"I think they need just two or three signings and they can challenge for the title," Seaman told Goal.
"When Arsenal play at their best, they are very hard to beat."
Seaman's claims support those of former team-mate Ray Parlour, who urged Arsene Wenger to spend over €100 million on Higuain, Fellaini and Wayne Rooney this week.
But Seaman does not believe new signings alone will re-establish Arsenal at the top of the table, and has urged the the club to change their wage policy to ensure their best players do not continue to leave.
"It is hard when you let your best players go," Seaman added. "Maybe [the club] could alter the wage structure [to prevent it]."