Indeed, the pundit and former Arsenal defender believes most of the current squad would struggle to find a way into that famous team - but says Laurent Koscielny is 'close,' while Mesut Ozil is also an 'option.'
The one man who would definitely get in is Alexis Sanchez, he says, who would find his way into 'most XIs right now.'
Intriguingly, Keown feels Kolo Toure's 'purple patch' would make it tough for Koscielny but still believes the Frenchman could find a place - certainly in the squad.
And the Gunners legend also says Ozil's recent form would see him good enough to be a late substitute at the least.
He said during a 'Tackle Keown' session on the Mail's website: "I think Laurent Koscielny is close but Kolo Toure had a purple patch that season - he certainly helped keep me on the bench, even though I was 38 at the time!
"I do agree, though, that Sanchez would have got in. Whether that was in front of Freddie Ljungberg or Robert Pires, I don’t know. Sanchez could probably get into most XIs right now.
"And if the Mesut Ozil of the last six games performed like that consistently, he might well have been an option. He could have come on as a late substitute for Dennis Bergkamp who was coming towards the end."
Much has been made of whether Arsenal now possess a good enough squad to challenge for next season's Premier League title.
The north London side are certainly on form but would they produce the same kind of performances when they realistically know they could be in with a chance of the trophy?
Only time will tell. Before that, meanwhile, there's the small matter of Arsenal defending their FA Cup at Wembley later this month.