Alan Smith believes Arsene Wenger can bridge the gap by staying true to his fiscally prudent policy of acquiring top talent on the cheap.
Smith, a two-time golden boot winner as a player with the north London club, opined that the Gunners just need to bolster their squad with "two experienced players".
He told the club's official website, "There were periods last season in which they produced some outstanding football but they never looked like a title-winning team in my book.
"I suppose that was hammered home in the games against Manchester United in the Champions League and then Chelsea. They were just a bit short.
He continued, "There is so much talent, so much potential, but the mix isn't quite right at the moment. Everybody is telling Arsene Wenger that so I think it will be interesting to see who arrives in the summer, I think one or two will come in to give the squad a better balance."
On specific positions that he would recruit for, Smith said, "I would like to see a commanding stopper brought in. He doesn't need to be technically brilliant, but someone who can head balls away and command the box.
"It would be nice to see a holding midfielder too, someone to work alongside Cesc Fabregas when we need someone to sit there and break up the play."
Alan Dawson, Goal.com