Graham, 69, had a seven-year spell with the Gunners as a player, making 227 appearances before becoming manager of the club in 1986, winning the First Division twice, League Cup twice, FA Cup once and UEFA Cup Winners Cup twice, and despite leaving the club in 1995, the Scot still regularly passes comment on the Gunners.
With the start of the season on the horizon, it's no surprise to see Graham giving his opinion on Arsenal's chances in the Premier League. The club have spent heavily this summer, forking out around £60m to bring Nice goalkeeper David Ospina, Newcastle right back Mathieu Debuchy, Southampton full back Calum Chambers and Barcelona forward Alexis Sanchez to the Emirates Stadium.
Despite the excitement surrounding the arrival of Chilean international Sanchez, Graham says that the 25-year-old isn't enough to make Arsenal title favourites or even challengers yet.
"They have brought in real class in Sanchez, but they are going to need another finisher," Graham told TalkSPORT. "They need someone else to finish the wonderful chances they make. Arsenal will be challenging if they get another two or three players."
Arsenal should still bring a number of players in this summer. A centre back to replace Thomas Vermaelen is almost a given, which it's believed that Arsene Wenger is looking to sign a defensive midfielder this summer, with Sporting Lisbon's William Carvalho and Real Madrid's Sami Khedira strongly linked.
However, the key to Arsenal's season will no doubt be in attack. Olivier Giroud struggled last season and most pundits expected Wenger to land a big name centre forward this summer. That has yet to materialise, and until it does, Arsenal may not be a big player in the title race.