The Frenchman is under increasing pressure at the Emirates.
The long serving manager is under increasing pressure at the Emirates after a disappointing end to their season so far.
After sitting top of the table at the end of December, his side have since fallen away in the title race, now finding themselves 11 points behind leaders Leicester City.
They have also been knocked out of both the FA Cup and Champions League, with many fans now calling for Wenger to end his reign at the club.
And Smith believes a change would not necessarily be a bad thing, saying he believes a new coach would do better with the current squad.
“A key question: could another manager actually do better with the same group of players? I believe that one could,” he told the Telegraph.
“Someone more tactically aware than Arsene Wenger, prepared to switch formations according to the challenge and, most importantly, somebody willing and able to turn this group into a more resilient unit when it hasn’t got the ball.”
“Wenger has always said that he would walk away if he believed he couldn’t take this team any further. Well, this season, should it end trophy-less, will show that he can’t.”
The difficult part for Arsenal is finding the elite level coach they would want to replace Wenger.
They are few in number, with the likes of Guardiola and Ancelotti, who would be prime candidates, already having committed to new jobs for next season.
Indeed, that lack of viable replacements could be something that sees Wenger staying until his contract expires next summer at the least.