The former forward believes the Gunners should have moved for the former Manchester City striker when he became available.
The striker left Manchester City for Serie A side Roma on a season-long loan deal during the last transfer window, with the move possibly being made permanent at some point.
He enjoyed a decent goalscoring record while at the Etihad Stadium, despite often finding himself second or third choice at the club, registering 50 goals in 130 Premier League appearances for City.
And Nicholas insists the Gunners should have made a move for the Bosnian when it became apparent he could leave Manuel Pellegrini’s side.
"Edin Dzeko in particular, a poor man's Robert Lewandowski if you like, is a huge threat," he told Sky Sports.
"I always said when he was at Manchester City that if he became available, then Arsenal should have gone for him."
Given his goalscoring record and the relatively low price City allowed Dzeko to leave for, he certainly could have been a good signing for Arsenal.
His height, strength and power in the air would have added a different dimension to the squad, although given they have Olivier Giroud who offers the same aspects, a move may have been superfluous.
Theo Walcott and Giroud have impressed this season, as well, meaning Arsenal are surely not ruing their failure to make a move this summer.