Graeme Souness and Sol Campbell have insisted Arsenal need to sign at least three new players in the summer.
It's unclear how active the Gunners will be in the transfer market this summer after being hit hard financially by the COVID-19 crisis.
Asked about the transfer budget he expects to work with this summer, after watching his side beat Liverpool, Mikel Arteta said: “I don’t know. (It’s a) big concern. You need it to build a squad. It’s not magic.
"You need to improve with quality, quality players in the squad and you need bigger squads to compete in this competition. There’s the challenge.”
It sparked conversation in the Sky Sports studio between Souness and Campbell on the key areas Arteta must target, even if he's on a budget.
Both agreed a centre-half was a priority as well as a central-midfielder, with attacking areas and the goalkeeping department relatively well-stocked.
“You need to get the determination. You’ve got to want to play for Arsenal," Campbell said.
"You’ve got to work hard on and off the ball, and then yes, you come down to quality. You can’t replace quality. He’s eluded to that. He might need some finances.
"If he can get a little bit and he can buy a few quality players, do some good deals, or move people on, then why not? I think some of the young players have been playing really well.
"So, maybe two or three (new signings). They have to look at the centre-half area. The spine of the team is always important. Let’s see how Martinez, the goalkeeper, goes on from here, but the spine of the team is important.”
Souness said: “They’re ninth right now. I liked to listen to him there. It was all common sense. I think basically he’s saying he’s getting the most out of this group of players - in terms of effort and what they’ve got to offer at this time.
"The difference between them and Liverpool is enormous. I know they beat Liverpool tonight, but Liverpool made two enormous mistakes.
"They’re more than two or three players away, Arsenal. The goalkeeper looks competent. I wouldn’t be rushing for that. I think the middle of defence is important. Centre of midfield would be important.
"They’ve got enough of a force up front to get you goals. I think if you’re conceding goals, it doesn’t matter if you’re playing fabulous football, if you’re conceding daft goals, you draw games and lose somewhere you shouldn’t be. It drains the confidence. I think that’s a priority for them."
