Wilkins believes a striker could have secured Arsene Wenger's side the Premier League title.
The Gunners entered 2016 at the top of the table with a serious chance of mounting a title challenge this season.
Instead the year has been a disaster for them as they have fallen out of the title race and also suffered elimination from the FA Cup and Champions League.
A big problem for them has been their strike force coming up short, and Wilkins says that if they had signed a striker in the winter transfer window they would have won the league.
“Whatever happens to Arsene Wenger, we have to give him the respect he deserves,” he told talkSPORT.
“He has a war chest of over £100million, so spend it. He should have spent it in January on a top quality centre forward. They would have won the league.”
“They haven’t done so and therefore they’re languishing again. It troubles me, because Wenger has been fantastic, but the end is nigh.”
The centre forward position will surely be the one that Arsenal look to improve in the summer transfer window if they do spend.
It has long been a debate about them needing a world class centre forward, and despite Giroud proving his worth earlier in the campaign that still remains the case.
Who they could target though, remains to be seen, with the world’s best already at the top clubs and unlikely to leave for huge sums of money that the Gunners may be unwilling to pay.