The Gunners now boast a mix of youth and experience, with the likes of Aaron Ramsey and Olivier Giroud excelling so far this term, but the club is without a trophy since lifting the FA Cup in 2005.
Pires feels that the key to rejuvenating Arsenal's title hopes lie with Ozil, who played a part in all three goals in the victory over Stoke City on Sunday.
"It’s possible [for Arsenal to win] because now the young players have grown up and have more experience. They also have a good mix for [Arsene] Wenger. If you put Ozil in the middle, I think it’s a very good mix for Arsenal," Pires told Goal on Sunday.
"[Ozil’s] a very good player, he plays for the German national team, he played for Real Madrid, now he’s playing for Arsenal. He has the experience. I think the football will be more simple now."
With Arsenal also chasing glory in the Champions League and hoping to get out of the 'group of death' that includes Napoli, Borussia Dortmund and Marseille, Pires says that the club should concentrate on the its domestic commitments.
"Seriously, I think Arsenal have a good potential to win the Premiership. For the Champions League I don’t know but the most important thing is to focus on the Premiership because it is very important for the club and for the fans," he said.