The Gunners boss has come in for criticism this season.
The Gunners were expected to be title contenders this season, and were top at the beginning of 2016 before a poor run of form saw them fall 11 points behind.
Much of the criticism has been directed at Wenger, with many believing that now is the time for him to end his long reign at the club.
His loyalty to the likes of Theo Walcott in particular has been questioned in recent weeks, and Keown admits that his old boss is almost too loyal to his players.
“He treats every player like his own son,” he told BT Sport.
“When Coquelin was brilliant last season, he should have gone another step higher and said ‘no, let’s go and get a world class central midfield player’.”
“That puts fear into the rest of Europe, but he’s very loyal, almost too loyal.”
While many would argue there is nothing wrong with Wenger’s loyalty, it has become an issue for the club as their title credentials have crumbled.
Walcott in particular is the epitome of the problem, with him struggling to impress when given his chance in a central role this season.
This season could see that change though, with money available and the club sure to be keen to spend to avoid the disappointment they’ve felt this season.