Arsenal's title hopes were effectively ended with a 1-1 draw at home to Crystal Palace on Sunday.
Lauren made 241 appearances in his six-year Arsenal career, winning two Premier league titles and three FA Cups, and spoke highly of his former boss.
"He is the right man," Lauren said. "He has passion for the club. I saw this guy come in at nine in the morning and leave the training ground at sometimes six, seven. He has done everything for the club. His contribution has been fantastic and he still has the passion."
Wenger has found himself the target of heavy criticism for failing to invest in certain areas of the squad where Arsenal seem to be desperately short, and Lauren agreed that the Frenchman must make some key signings over the summer.
"We need to sign different style of players because we have always been going for the same style of player - intelligent, good with the ball, technically very good," he said. "We need physical presence in some key positions."
Following the sale of club captain Patrick Vieira in 2005, Wenger seemed to go down the route of signing small, technically gifted players. It has been a philosophy that has hindered their progress in the Premier league, with the North London club failing to win a league title since their last triumph in 2004.
The Gunners are preparing to host West Bromwich Albion on Thursday night, in a game that will be vital to their hopes of securing Champions League football for next season.