The Frenchman says he 'hopes' Arsene Wenger's side can still win the Premier League and has belief in the club, the players and the manager.
And Pires believes the Christmas period will be essential when it comes to the north London club's title hopes.
The return of Theo Walcott, too, will give Wenger's men a boost, although that is offset by Mesut Ozil's injury, the 41-year-old says.
“I hope we can still win the title,” Pires told Sky Sports. “Of course it is going to be very difficult but the season is very long and the Christmas period coming up will be a very important one for Arsenal.
“The situation is not too different from when I was an Arsenal player. It was very tough, very difficult against teams like Manchester United, Manchester City, Chelsea and Liverpool.
“The good news is that Theo Walcott is coming back but the bad news is that Mesut Ozil is out. But I still believe in Arsenal, I believe in the players and of course I believe in Wenger.”