The Gunners are yet to lift the English top-flight title since their triumph in the 2003-04 campaign when they went a whole season without losing a game; a feat the former Nigeria international was part of.
Arsenal finished sixth last campaign, in what was Arsene Wenger’s last season at the helm after 22 years.
Following the appointment of Unai Emery in May, the north London club have bolstered their ranks with the addition of Stephan Lichtsteiner, Bernd Leno, Sokratis Papostoupolos, Lucas Torreira and Matteo Guendouzi this summer.
But Kanu expects them to stage a challenge and win a silverware, though a league title looks elusive.
"We have to give him time to bring his own style and the way he wants to play,” Kanu told SkySports.
"It takes time for the newcomers, the new signings, to adapt but if it happens and they win the league it's a miracle - I wish that would happen.
"For the new manager it's going to be a very big challenge; the fans want them to perform in the league in his first year, which is always difficult for a new coach.
"Coming into a big club you need a trophy, so if you don't win the league you have to win the others. It's hard but it's what you expect of a coach of that stature and a big club.”
Aubameyang has impressed in the Gunners’ fold since his club-record arrival from Borussia Dortmund in January.
The Gabon international scored 10 goals in 13 Premier League appearances last season.
And the two-time African Footballer of the Year who turned 42 on Wednesday feels the 29-year-old’s form in front of goal can be crucial for the Gunners’ success next term.
"If he can perform, if it's a good season for him they have a chance to win the league,” he continued.
"Aubameyang is very, very good. Last season was his first season; now he has adjusted to the Premier League. He's been playing well with the new coach and his team-mates; this season is going to be his season if he works for it."
Arsenal begin their 2018-19 season with a game against Manchester City on August 12.