Arsenal legend Paul Merson says a minimum of £200m will be needed to launch a Champions League bid next season.
Whilst the Gunners have shown plenty of improvement under the guidance of Mikel Arteta, they are still currently nine points off the top four.
Hopes are high that a solid transfer window, combined with a pre-season under Arteta, could well see Arsenal challenge for Champions League qualification again next season.
Yet, writing in the Daily Star, Merson shattered illusions that only one or two additions will be needed.
The former midfielder turned Sky Sports pundit also said the Gunners need to target Manchester City defender John Stones.
He said: "Mikel Arteta has no chance of getting the money he needs out of Arsenal.
"They could spend £200m and still not make the Champions League next season because the gap is so big.
"They need a centre-back, a central midfielder and another striker. The whole spine of the team really.
"And I think he might go for John Stones at Manchester City. Pep Guardiola doesn’t seem to trust him, and Arteta has worked with him before.
"Arsenal need an out and out defender, not another David Luiz who knows how to play the ball out from the back but makes a lot of mistakes.
"But Stones is English, young enough to improve, and Arteta will know all about him and know he fits into the system.
"Arsenal beat Liverpool this week but how may chances did Jurgen Klopp’s have? They won the game because of a couple of mistakes.
"You don’t normally see Virgil Van Dijk and Alisson making mistakes like that and I expect City to beat them in the FA Cup semi final.
"Arsenal have a chance because it’s a one-off game and anything can happen. If they defend like they did against Liverpool it could get interesting.
"But that’s the thing with Arsenal, you can’t rely on them to play with any consistency and they would have to get massively lucky to get to the final."
He added: "Arteta said himself the gap to the top two is enormous and he’s dead right. Arsenal are a million miles away."
Merson also argued that it will take a lot of effort to get certain players off the wage bill at the Gunners.
He said: "If you’re the board at Arsenal, the problem is how much money to throw at it. They are so far behind even £200m might not be enough.
"Then there’s Mesut Ozil’s wages to get off the books. They might end up having to pay him just to leave.
"And Pierre-Emerick Aubameyang needs a new contract that won’t come cheap. He’s already in his 30s but Arsenal can’t afford to lose him.
"That’s a lot of money gone already. And I know Arsenal. I played there. Arsenal don’t gamble with their money.
"They don’t take big risks in the transfer market. It’s not their way. Arteta must know that - but if you don’t ask, you don’t get I suppose."
