Paul Merson says that Arsenal could almost guarantee an end to their trophy drought should they sign their top targets this summer, but warns a failure to land them will leave supporters disheartened.
The Gunners have been strongly linked with Real Madrid striker Gonzalo Higuain, Manchester United's Wayne Rooney and Liverpool forward Luis Suarez.
Merson, who played for Arsenal between 1985 and 1997, says if the deals can be completed, the Gunners would become a "massive force".
"I think if they get the players or two of the players that they've been going for like Higuain, Rooney, Suarez, they're the kind of players they're in for which is great. This has not been the case for Arsenal for many years to be fair, where they're in for three world, world class football players," Merson told Absolute Radio.
"I think if they got two of these three players I think that I can't see them not winning anything this season. I think they would. I think they'd be a massive force."
The deal for Higuain appeared to be on the verge of completion until Real Madrid claimed they were yet to even receive an offer from Arsenal. Meanwhile, a bid of £30m for Suarez has been rejected by Liverpool. Merson fears the effect failing to complete the deals will have on the club.
"The problem is they bought one player from France who's a 19-year-old centre forward from Auxerre. Until they buy players they're going to be the same old Arsenal I'm afraid but if they buy these players, they've got a manager who's been there a long, long time. Everybody else is changing. For me they would be massive, massive club players if they got two of them three players," said Merson.
"I think the fans will be disheartened before kick of starts in the Premier League if they don't buy anybody. If they don't get any of these three players, I think the fans in the end will just get disheartened by it all and I think then Arsène Wenger will be under severe pressure."
Merson went on to suggest that Arsenal should perhaps concentrate on completing a deal for just one of their targets rather than risk losing them all.
"I thought that the Higuain was done from Real Madrid. I thought it was done. I thought it was all sorted. I'm looking at it now, I don't know, but I've just seeing it's a bit ooh, we can get Suarez," he said.
"If we can get Suarez we don't need both of them. And I think that's a dangerous game to play. I think they should have just gone and got Higuain and job was done, they've got a world class centre forward that has played at top, top level of football. I don't know if they thought mm, we'd like Suarez and they're trying to probably get Suarez instead of him and that's a dangerous game because you could end up with none of them. And if you end up with none of them I think the fans will be very, very disheartened."
Paul Merson was speaking to Absolute Radio's Rock 'N' Roll Football Show with Ian Wright