Robert Pires had admitted that Arsenal are "in big trouble", but says Unai Emery is the right man to change things at the club.
The Gunners have gone six games without a win, their worst run in 20 years.
They now sit eight points behind fourth-places Chelsea and face a difficult task if they want to make it into next season's Champions League.
A last-minute equaliser from Alexandre Lacazette spared some blushes for Emery against Southampton, who sat in 19th position in the Premier League.
But fans have intensified their calls for Emery to be sacked, and Pires - who won two Premier League titles and two FA Cups at Arsenal - says the manager can be the one to turn things around at the Emirates Stadium.
"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.
"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 - [Pierre-Emerick] Aubameyang, Lacazette, or even Mesut Ozil - the first thing for them and all the Arsenal players is to finish in the top four."
