Former Arsenal manager George Graham believes the club could be set to slip out of the top four in coming seasons.
With the financial power at the likes of Manchester City and Chelsea, Graham believes Arsène Wenger faces an uphill task to keep his team in the top four, never mind challenge for the title as they have done in recent seasons.
He said: "The simple fact is that Arsenal could well be facing, in the next few years, the prospect of a battle to stay in the top six rather than the top four finish that Arsène has brought them – against the financial odds – every year.
"The best players will naturally congregate at the most successful clubs. That is just common sense.
"And those clubs will pay wages that Arsenal cannot match and pay fees that Arsenal cannot lay out."
Graham was still quick to praise Wenger for his work in recent years, but feels some of the qualities he initially brought to the English game in the 90s are now a little outdated.
He added: "Don't get me wrong, I think that Arsène has done a fantastic job at the club.
"If you look at the money he has spent and the money he has re-couped in his time as manager, his achievements have been little short of remarkable.
"But the whole financial scene has changed now. He used to basically have the French market to himself because of his knowledge and contacts. He hasn't now. Other clubs have caught up.
"And there are three clubs now who can pay high fees and high wages - higher fees and higher wages than Arsenal. That restricts him.
"He has still managed to keep the club in the Champions League places every year and that is some record.
"But when it comes to finance the likes of Chelsea, Manchester United and Manchester City now have more cash at their disposal and when it comes to fees and wages, Arsène - and Arsenal - cannot compete. That is the reality."
There is the prospect that Arsenal could be in the same kind of bracket as Everton and Aston Villa.
© 2000-2013 Arsenal Mania. All rights reserved. Page processed in 0.12 seconds.