Ashley Cole has urged Arsenal's owners to invest over the summer "if they want to go to the next step", with Jamie Redknapp warning that the Gunners need to make changes or they risk being "in a position where they're mid-table mediocrity".
Arsenal have endured a disappointing season and they are facing the prospect of missing out on European football for the first time in 25 years.
Speaking ahead of their game against Chelsea on Wednesday, both Redknapp and Cole called for major changes at the Emirates.
"I have been hugely disappointed watching this Arsenal side," Redknapp said. "It's been the worst for a long, long time and things need to change.
"They need some reinvestment and I'm not saying that's going to happen because these chairmen, as we all know, it's up to them. It's their business, they can do whatever they like with it.
"It's such a brilliant, big football club that it needs to change really quickly otherwise they're going to find themselves in a position where they're mid-table mediocrity and that’s not good enough for Arsenal.
"That's not good enough for Arsenal fans. The next thing is you're trying to get players to come and the club's a difficult sell."
Cole then added: "When Mikel Arteta came into the job he definitely shored up the defence, he really got that defensive shape and organisation.
"But now, in the middle third and the final third, I think they've been lacking that sharpness, that real quality and intensity to go and grab a game.
"I just think they've struggled. As I mentioned, big players have not turned up. Next season, as Jamie said, will they invest? They need to invest if they want to go to the next step and play the Arsenal way, that quick, enjoyable football to watch. They need changes."
