Former Arsenal midfielder Paul Merson has insisted the Gunners must appoint Brendan Rodgers and give him "a six-year plan".
The Leicester City boss is the fans' resounding favourite to succeed Unai Emery should be sacked as the club's head coach.
The pressure is building on the former Paris Saint-Germain boss after Saturday's loss to the Foxes left them eight points adrift of the top four.
Manchester City are now the Gunners' closest rivals in their pursuit of Champion League football following Leicester and Chelsea's fantastic run of form.
That's led to many hoping for a change at the top with Arsenal quite adrift of their rivals despite a summer of heavy investment.
By contrast, Chelsea have a transfer ban imposed whilst Leicester's net spend over the summer was minimal, yet both sides have improved from last season.
Rodgers has been, in particular, praised for his development of Leicester defender Caglar Soyuncu, who has stepped into the breach following Harry Maguire's £80million to Manchester United.
The Foxes refused to sign a direct replacement for the Englishman, instead promoting the Turkish defender who has blossomed having struggled for first-team minutes last season.
With that in mind, former Arsenal man Merson has insisted the club must do everything in their power to appoint "one of the best in buisness", by handing him a long-term plan to re-shape Arsenal.
“I think he's [Rodgers] one of the best in the business,” Merson told Sky Sports.
“If I was Arsenal, I would have been ringing Leicester up and saying, 'how much do you want?'.
“If you're going to pay £72million for a winger [Pepe] that hasn't played in the Premier League and has played in the French league, I would pay £40million for him tomorrow morning.
“I would say Arsenal [would be a good fit for Rodgers]. Arsenal or Tottenham. I wouldn't get rid of Pochettino, don't get me wrong, I think he's different class.
"I think them two teams will be looking at him.
“For me, if you're going to bring Brendan Rodgers in and what he's done with the teams he has been at like Swansea, Celtic, Liverpool and now Leicester, you give him a six-year plan and let him do what he wants to do.
"He improves players.”
