Arsenal legend Nigel Winterburn says the club must sign more players if "they want to get anywhere near the top four".
The Gunners are looking to bounce back after finishing eighth in the Premier League last season.
England centre-back Ben White was signed from Brighton for £50m. Talented midfielder Albert Sambi Lokonga has been brought in from Anderlecht, while Nuno Tavares arrived from Benfica to provide competition for Kieran Tierney.
Ben White in his first start against Tottenham on Sunday
But with their Premier League rivals also splashing the cash this summer, Premier League winner Winterburn feels Mikel Arteta does not have enough to challenge for place in the top-four.
"They still need more players, if you look at the other clubs and Liverpool for example, without their first-choice defenders they still finished in the top four," Winterburn told TribalFootball.com, on behalf of FreeSuperTips.
"My mind says they'll be better, Man City have brought in Jack Grealish and Manchester United have brought players in.
"Arsenal need to do more business to get anywhere near the top four. I still think we're still short of some quality for that top four place, but it doesn't mean that we won't.
"Everyone thinks it's easy when it comes to transfer, but it's difficult to get players in and out of a club sometimes.
Arteta has his work cut out for him this season, according to Winterburn
"We don't have European football either, so will certain players want to come?
"I've said for a while we're short of that creative midfielder, but we definitely need some more players before the end of the transfer window."
Reports broke on Wednesday claiming Arsenal had reached an agreement with Sheffield United to buy goalkeeper Aaron Ramsdale, per football.london.
Arteta wants the 23-year-old to provide competition for established shot-stopper Bernd Leno.
As mentioned by Winterburn, a creative midfielder also ranks high on Arteta's wish-list.
Leicester City star James Maddison is a target, but Arsenal have been put off by the Foxes' demand of £60m.
Real Madrid midfielder Martin Odegaard, who spent the second half of last season at the Emirates, is also being considered.