The former Arsenal midfielder believes the Frenchman should call it a day.
The wheels have come loose on the Gunners' campaign in extraordinary fashion, with the FA Cup being their only realistic chance of silverware but Wenger's side were knocked out at home to Watford on Sunday.
Prior to that, defeats by Manchester United and Swanea City put paid to their hopes of winning the Premier League - a first since 2004 - as Leicester City sit 11 points clear of them at the summit.
Frustrations have reached boiling point in North London and, with local rivals Tottenham likely to finish above them, it may spell the end of Wenger's 20-year reign with the club.
"Arsene is one of the greatest managers I have played with," Petit, who spent three years playing under Wenger until 2000, told Sky Sports. "You can see what he's done over the past 20 years for Arsenal but I think Arsene needs to understand one important thing.
"He needs to understand that if you want to win a trophy then you need great leaders and great warriors on the pitch. This was the perfect year for Arsenal to win the Premier League and they've missed it. That's it, and Arsene is quite responsible for that too.
"Should he stay as manager at the club? I don't know. It's probably the time for him to stay but in a different role at the club."
Wenger, who would celebrate 20 years in the job in September, could face further scrutiny tonight if Barcelona humiliate Arsenal in the Champions League.
The Catalans welcome their English counterparts to Camp Nou for the second leg of their last-16 tie, with Luis Enrique's boys already leading 2-0.