John Giles does not think a new manager would be guaranteed to improve Arsenal's fortunes.
Speaking to Off The Ball, the Ireland and Leeds legend said there was a huge risk that things would go wrong if Arsene Wenger was replaced after 18 years in charge.
"If they got a manager in to replace Wenger, no one can say for certain that they are going to do any better. They might get worse and they'd realise then how good Wenger was," he said.
John also had no sympathy for Arsenal stakeholder Alisher Usmanov who made a couple of critical comments about Wenger's recent reign, saying that the Arsenal boss has done well to bring revenue to the club and its shareholders.
However, he acknowledged that fans do not care about the balance sheet to the same degree if its not accompanied by silverware.
"He has a lot of credit in the bank but it will run out," said John.
He was cautious about Arsenal's weekend conquerors Manchester United's development under Louis Van Gaal, but was bemused by some of Liverpool manager Brendan Rodgers's recent public pronouncements.
He also thinks Liverpool supporters could eventually lose patience with him.
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