Tony Adams believes the Arsenal squad need to be completely rebuilt if they are to challenge for the Premier League title.
The Gunners are seemingly in a state of disarray with the squad close to breakdown after a summer of inactivity.
Their Premier League campaign got off to a terrible start with a 3-1 defeat at home to Aston Villa representing their first opening day defeat in 13 years.
Now former captain Adams said the club needs to dramatically change its policies for recruiting new signings with star players getting getting high wages as opposed to everyone getting a similar amount.
He told Zapsportz.com: “I know Arsene [Wenger] would not spend £25million on buying Bayern's goalkeeper Manuel Neuer for example, no matter how much he might need a new keeper.
"I think that is a great policy, but the club needs to restructure its wages spend, and that is a vastly different matter.
"The club are paying in excess of £150million on players' wages but there have been a lot of average players on £50,000-a-week when the big teams now need four or five players on a lot of money.
"Arsenal do not attract those big players because of their wages structure."
He also said he is prepared to manage Arsenal one day. With Arsene Wenger coming under increasing pressure, the offer may come sooner rather than later but Adams said he would only do it if certain terms were agreed.
"One hundred per cent I'd like to be Arsenal manager," he said. "Of course my heart says 'yes, yes, yes', but my head says 'can I win with this current team?' My answer is no, I can't, and I am not sure anyone can.
"I would want assurances if I walk through the door, those assurances meaning I'm given the go ahead to build a new team.
"I would get my teeth into building a new team but to achieve that, you would need to spend.
"To keep hitting the top four and qualifying for the Champions League is great, and Arsene has done such a great job, but there is going to come a day, and that won't be far away, when Arsene leaves.
"For a long time he has been a one-man band, but that won't happen again. The next man appointed will be the head coach, not the manager."