The French striker had been in fine form for the Gunners so far this season with 12 goals in the Premier League so far this season and 18 in all competitions.
That form in the earlier parts of the season had seen him come in for praise, with many debating whether he was indeed the world-class striker Arsenal have long needed.
In recent weeks, however, he and the rest of the Arsenal squad have struggled for goals, going three games without scoring, and Nicholas says Wenger should consider dropping Giroud to turn that around.
"I don’t think Olivier Giroud is playing well," he told Soccer Saturday.
"If you look back to the start of the season, he sulks a little bit and it takes him two or three games, Walcott comes in and that gives him a competitive edge.
"It’s as if that is starting again and he’s in a lull. If I was Arsene Wenger, I would change it. I would consider leaving Giroud out; bring in Walcott through the middle for pace and movement."
While the blame is firmly falling on Giroud’s shoulders at present, it must also be directed elsewhere.
There are plenty of players capable of scoring regularly in that Gunners squad, with several arguably underperforming right now.
The likes of Mesut Ozil, Aaron Ramsey and Theo Walcott should all be providing more than they are present, with those three only having managed ten Arsenal goals between them so far in the league.