The big money addition of Mesut Ozil has appeased supporters’ fears that boss Arsene Wenger doesn’t want to spend to bring success to the club who are still looking for their first trophy in over eight years.
Former boss Graham believes the Gunners are two big signings away from challenging for the title, with a goalscorer being the main aim.
Olivier Giroud has stepped up to the plate but injuries to the likes of Theo Walcott, Jack Wilshere and Mikel Arteta already this season are not helping their cause to create and score chances.
The Premier League would be the ultimate ambition for Arsenal but a title challenge and some silverware would be good enough for Graham.
“Arsenal can keep it going. People forget they were the form team in the last third of last season, so it’s not a surprise to me.
“I looked at the early fixtures and thought if they bought a few players they could be right at the top and challenging for the Premier League title.
“They definitely need a couple more. The squad is a little weak and they need a 25 league goal centre-forward. That would be a great signing in the [January] window.
“I think Arsenal will be there or thereabouts at the end of the season, I really do.
“If they can get one or two more [signings] in the winter, I think they’ve got a great chance.”
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