Former Arsenal defender Martin Keown has urged the Gunners to make a sensational move for ex-Tottenham boss Mauricio Pochettino.
Pochettino was sacked by Spurs on Tuesday after more than five years at the club, during which he led them to their first-ever Champions League final.
He also led them to successive top-four Premier League finishes in the last four seasons, whereas Arsenal have not qualified for the Champions League since 2016.
The Gunners are currently sixth in the table - eight points off fourth-placed Manchester City - and Keown says the club's board needs to consider head coach Unai Emery's future.
He told the Daily Mail: "There's no need to panic at Arsenal but we are getting close to panic.
"We're not having the best of seasons. The powers that be at the top of the club should be seriously considering Pochettino.
"I have a lot of admiration for what he did at Tottenham, the way he nurtured those young players and he didn't spend a great deal of money. I don't think Tottenham spent enough."
Spurs chairman Daniel Levy decided to part ways with Pochettino with the club 14th in the league, saying it was in the "club's best interests".
Jose Mourinho arrived as the new head coach less than 12 hours later, but Keown says the Argentine deserved more time.
"I would have stayed with Pochettino; I think he deserved that," he said. "I think it's a hugely significant sacking. You're going to have managers now looking over their shoulders.
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"I know the poor record he has recently, I know it all but I still would have given him another chance. I don't like the way Tottenham have done it.
"There will be a lot of chairmen looking at him now. Manchester United wanted him this time last year. I think Arsenal would have to be interested if they want to take a step forward."
Morgan: Sign Poch up!
Keown's belief that Arsenal should snap up Pochettino following his Tottenham departure is shared by Arsenal fan - and Spurs-goader - Piers Morgan.
Speaking to Sky Sports News about Mourinho's arrival at Tottenham, he said: "I'm not happy about it. He's way too good for Tottenham and he should really be at Arsenal.
"I just think that the Unai Emery experiment is, at the moment, failing. I think the fans have lost confidence in him. He seems to be out of his depth.
"Mourinho is a powerhouse in world managerial circles. He's been available and a more ruthless Arsenal board would have got in before Tottenham have done what they've done.
"However, Pochettino is now available. My message to the Arsenal board is: sign him!"