The Sky Sports pundit says that the Frenchman's track record at Arsenal is actually 'remarkable'.
The Gunners were expected to strengthen heavily over the summer, with many anticipating that they would snap up a top-class centre forward while bolstering their ranks in several other areas.
However, they endured a frustrating window and ended up bringing in Petr Cech from Chelsea as their sole acquisition, with a failure to add leaving fans and pundits questioning whether they could challenge for the Premier League title, as had been anticipated.
Wenger faced some tough questions after overseeing another quiet window, but Souness says he deserves credit not criticism.
“Wenger doesn't sign players unless he feels he can go out and get the one he really wants,” he told Sky Sports.
“He won't take the second or third choice and is willing keep his powder dry if he can't get the player he wants. For me, he deserves great credit for being prepared to go down that road.”
The former Liverpool man also believes that Wenger’s track record at Arsenal when it comes to recruitment is 'remarkable'.
The Frenchman has often bought cheaply and sold expensively over the years, with the likes of Cesc Fabregas, Samir Nasri and Robin Van Persie all having left for big sums after being developed at the Emirates.
He has spent big in recent seasons to secure Mesut Ozil and Alexis Sanchez, but spent relatively small to secure Cech this season. Souness, though, says that Cech alone can give them a major chance of success in the Premier League.
“Arsene Wenger's only major signing last summer was Petr Cech and he alone will give them a major chance of winning the Premier League this season,” he added.
“He could be worth anything up to 10 points for them. For me, when you look at Wenger's track record at Arsenal, in terms of his net spend on what he's bought and what he's sold, then it is truly remarkable.”