Speaking to Betfair, Shearer said: "I would guess that between now and the beginning of next season that they'll have to bring players in.
“How many additions required is the question, but one thing is for certain that they have to bring a centre-forward in of world class quality and there's not many of those around.
“Whoever they go for, they're going to get fleeced, because everyone knows they're desperate for a striker.”
“I know they've got injuries, but I go back to the first week of the season, where I said that if Arsenal bought a striker then I'd fancy them to win the league and if not then I didn't think they'd do it.
“Ultimately, injuries and a lack of striker has cost Arsenal, and that's the reason why when push came to shove, they haven't had enough. Only one shot on target against Nottingham Forest, from a set-piece, has shone a light on that.
“Either they couldn't get a striker in, or Mikel Arteta didn't want one, but whatever way around it's clear to see that Arsenal have made a huge error in that position.”