The Frenchman has been criticised in some quarters despite his good goalscoring record.
The former Arsenal centre-back, who played over 350 games for The Gunners, believes they still need to add to the attack.
He is a big fan of Olivier Giroud, but believes the Frenchman is not getting the support he requires in order for Arsenal to fully utilise his talents.
"Some of the criticism of Olivier Giroud has been harsh. He is such a fantastic link player, acting like a backboard so Arsenal’s rapid forwards can push on.
"He offers a good balance for the team so a new striker either needs to offer all that Giroud does and more or provide a different option.
"There is certainly space for a small, pacy goalscorer. A real fox in the box."
The striker, who joined Arsenal from Montpellier in 2012, has scored goals regularly for the Gunners - netting 57 times in 129 games for the club.
But he has come under criticism in the past for perhaps not being world-class. That being said he has had an excellent campaign this term. He has scored 18 goals in 32 appearances, in a campaign which saw him break his foot early on.
Keown is right, with the right man getting with him up front, he could form a great partnership with the right sort of player. A Javier Hernandez type would be perfect.
Unfortunately, that is unlikely to happen. Arsenal play with three up top, Wenger is unlikely to revert to anything else.
It is likely that Giroud will have to keep on providing the likes of Alexis Sanchez, Danny Welbeck and Aaron Ramsey for goals.