The 34-year-old believes that the Liverpool forward can help fill the void left at the Gunners by Thierry Henry's departure and urges Arsene Wenger to keep pursuing his signature
Depsite Liverpool having so far rejected two bids for from the Gunners, Forlan believes that his compatriot would be the ideal recruit for Arsene Wenger.
"If they manage to sign Luis, then I think, with the players they already have, they would be serious title contenders again," the Internacional striker told reporters. "Only Luis knows what his plans are but he would be a great signing for Arsenal."
Forlan believes that the Gunners' inability to challenge for trophies in recent years has stemmed from a failure to replace legendary striker Thierry Henry.
"Of course, Arsenal are a very strong team but, for the last years, they have not been able to compete with Manchester United, Manchester City and Chelsea for the title," the 34-year-old continued. "They have had very good players but have maybe lacked that one special player who you need to win a league as strong as the Premier League.
"United have had Wayne Rooney and City have had Sergio Aguero and Carlos Tevez but Arsenal have struggled since Thierry Henry left."