Robert Pires says Arsenal are in 'big trouble' under Unai Emery - and warned the Gunners must finish in the top four or risk losing their star players.
Arsenal legend Pires fears the likes of Pierre-Emerick Aubameyang, Alexandre Lacazette and Mesut Ozil will be off in the summer if Emery's side don't claw their way back into the Champions League spots.
The Gunners are currently eight points adrift of fourth-placed Chelsea , after Saturday's disappointing 2-2 draw against Southampton extended Arsenal's winless run to five games in the Premier League - and six in all competitions.
The result at the Emirates could have been worse for Arsenal - who have won just four of their 13 Premier League games - as Lacazette scored a last-ditch equaliser to avoid an embarrassing defeat.
Emery's job as Arsenal boss is under increasing pressure, while a fans' group has issued a strongly-worded statement which has left the club “floating aimlessly".
Pires backed former Emery to find a solution to Arsenal's woes - but warned the former Sevilla boss that time is running out.
"Everybody knows at Arsenal, even Unai Emery, that they are in big trouble," Pires told Omnisport.
"But [Emery] is a competitor, he knows the high level.
"He was a great manager with Sevilla, with Paris Saint-Germain, but the situation is not so good.
"He is a good manager, I think he will make a success with Arsenal. I hope for him anyway.
"The situation isn’t so good, but him and the players need to find the solution."
Former Gunners midfielder Pires spoke of his fears for Arsenal if they don't get back into the top four, saying: "The target for Arsenal and for Unai is to finish in the top four because it’s very important for Arsenal to play again in the Champions League next season.
"I don’t know what will happen at the end of the season, especially for Arsenal.
"For some players – Aubameyang, Lacazette, or even Mesut Ozil – the first thing for them and all the Arsenal players is to finish in the top four."
