Arsenal have to cough up £100 million "from somewhere" to buy three world-class players if they are serious about persuading Robin van Persie to sign a new contact, according to Sol Campbell.
That is the view of Gunners legend Campbell who believes Arsenal could still persuade their captain to stay.
"Maybe he could still sign a new contract if Arsenal rustle up £100m from somewhere and make a serious statement by signing three world-class players," he said.
"I can understand why Van Persie has decided not to sign a new contract," the former England defender told the Daily Mirror.
Campbell, who was a key part of Arsenal's 'Invincibles' side in 2003/04, believes the Dutchman, who has announced he will not sign a new deal at the Emirates, has become disillusioned with the club's lack of competitiveness for top trophies.
He said: "When you go back to your club for pre-season, and you look around the changing room, you want to see top players around you and think, 'Yeah, we're going to do something this season. This is where it's happening'.
"They lost (Cesc) Fabregas and (Samir) Nasri last summer, so we've been here before and I don't see how it's going to be any different this time.
"That's what van Persie is looking for. And maybe he's had a look and thought, 'Is this it?'
"Robin has seen the good times, and been part of the good times, and he wants more of it. Basically, his statement is shorthand for saying his patience has run out, and that he can't wait for ever if he's going to win major trophies in his career.
"From the outside, it looks as though he wants to go to a club who will start the season expecting to win things, not just to be in contention with a lot of ifs, buts, maybes and strings attached."
Arsenal have been successful in signing Germany international Lukas Podolski and France striker Olivier Giroud.
But Campbell thinks Arsenal would have to make some serious statements in the transfer market with England star Theo Walcott also showing signs of discontent.
"Arsenal have established this model of financial prudence, they have a fantastic new stadium, they are bringing the club's debt down ahead of schedule and everything is tickety-boo off the pitch.
"They are making money, they are in good shape and everything is well-run... but they are not winning."