As Mikel Arteta looks to improve his squad and get back into Europe, the Gunners are being linked with big-money moves.
Martin Odegaard, Yves Bissouma and Emiliano Buendia have all been mentioned in recent weeks, though all would comfortably cost upwards of £30m.
And ex-centre-back Campbell thinks that it is not necessarily a case of splashing the cash all on a big-name signing, but rather following the likes of FA Cup winners Leicester in unearthing some more hidden talents instead of going for proven names every time.
“I think Arsenal need to buy clever this summer,” said Sol Campbell, speaking to Ladbrokes at the launch of their new European Championships 5-a-side Bet.
“It’s clear the spending power isn’t there; it’s nowhere near the levels other clubs are willing to spend, so they’ve got to look at that next level down. But in that next level you can still find decent players.
“They’re just got to look a little bit harder. Leicester do it. Arsenal need the right people out there looking at players.
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“The club doesn’t have the funds to take a risk on a player for £50/60m for it not to work out. But look at what Leicester have done in recent years; they don’t really tend to spend more than £30m on players and more often than not they’ve got it right.
“A lot of teams take risks on spending smaller amounts on players and giving them a bit of time to develop. Look at Atalanta in Italy, Ajax have been doing it for decades, and now Leicester are doing the same in the Premier League.”
Highlighting who in particular he thinks the Gunners should push for, Campbell reckons they should look no further than Wolves captain Conor Coady.
Campbell is a huge fan of the 28-year-old, who is part of the England squad for Euro 2020, but admits that anyone in his sort of play style would slot in well at the Emirates
“There’s a lot of players out there who can fit the Arsenal mould,” he added.
“Conor Coady is a good player; he’s comfortable on the ball, he’s a winner. He’s definitely got the kind of mentality Arsenal should be looking at in new players.
“He’s definitely someone they should look at because he’s so solid, he wants to defend. He can pass as well, he’s quick, he’s strong, he’s good in the air. He’s a good all-rounder and he’s got a bit about him.
“He’s at a good club now in Wolves, but he’s actually someone I’d be looking at for Arsenal this summer. He’s got a great attitude as well, and I like that.”