The former midfielder says Arsene Wenger cannot be sacked without a plan to replace him.
The Frenchman is under increasing pressure at the Emirates after a disappointing second half of the campaign has saw them fall out of the title race.
That has enrage the Gunners faithful, who believe this year should have been the one in which they ended their title drought as their main rivals struggled to impress.
A major question is who could replace the long serving boss though, with many of the elite level managers the club would want already at clubs and difficult to acquire.
And Parlour says that lack of options means his old side should make sure they have a plan in place before changing manager.
“At the moment it's going to be difficult for the board to get rid of Arsene,” the London Evening Standard reports him saying.
"You always worry about which manager comes in next. Who would you have? Jurgen Klopp's gone to Liverpool, Pep Guardiola to Man City. There isn't a huge amount of managers out there.”
"It's a big decision they've got to make. If you're going to sack a manager you've got to have a plan. And if they don't have a plan then they've got to keep him."
The question over who could replace Wenger at Arsenal is certainly an interesting one, with there being a lack of top managers available.
Klopp and Guardiola would have been ideal, as Parlour says but they are now at major rivals and unattainable in the near future.
Diego Simeone is another who has been named, but he looks unlikely to leave Atletico Madrid given his affection for the club, meaning Arsenal may have to stick with Wenger for the foreseeable future.