Following the Gunners' 2-0 defeat to West Ham United at the Emirates on Sunday afternoon, the former Aston Villa and Liverpool striker blamed a lack of leadership, as well as the absence of a 'mean streak'.
He questioned the club's Premier League credentials, based on this premises, suggesting the club will not win the title until these issues are solved.
"There is something Arsenal haven't rectified – leadership. You can't win the Premier League without it," he told talkSPORT.
"Arsenal have perhaps the most talented pool of individuals in the Premier League. West Ham are nowhere near as talented, but they looked like a team.
"The Arsenal players are nice guys, they're too kind, but they don't have the mean streak of champions.
"Arsenal will continue to hand out drubbings but they will miss out on that five per cent of games that makes you champions of England."
The general consensus suggests that Arsenal need a new striker in order to beat their major rivals to the top flight season - with Real Madrid's Karim Benzema most recently linked by ESPN FC - and Collymore also agrees with this notion.
"Giroud is not a title-winning striker," he continued "He's no Costa or Aguero. He won't score big goals in big games."
Clearly the former Aston Villa man believes Arsene Wenger needs to make attacking additions to his side before the close of the summer window.
The club's chances of securing La Liga's Benzema remain remote, but it should not be ruled out of contention completely.
With the likes of Alexis Sanchez, Santi Cazorla and Mesut Ozil already at the Emirates, the Frenchman's arrival could prove to be the final piece in Arsene Wenger's Arsenal jigsaw.