The Gunners are expected to be busy in the summer transfer window.
The Gunners have been highly disappointing this season, falling away in the title race and also being knocked out of the Champions League and FA Cup.
There is talk that Arsene Wenger will oversee a summer overhaul as a result, spending big to improve his squad and allowing players to be moved on also.
A striker is top of most fans wish lists, and has been for a number of years, but Winterburn insists that a central defender must also be added.
“They have to spend money,” he told Sky Sports.
“They’ve got a good group of players, but it’s already been proven this season that there are some weaknesses there, as there are with any team.”
“I believe Arsenal need another centre half and another centre forward. It’s getting the combinations right in the team. Arsene Wenger will have to spend money.”
It will certainly be interesting to see how much Arsenal spend this summer, with their rivals all likely to be busy too after disappointing campaigns.
Manchester City will be transforming their squad for Pep Guardiola while Chelsea should be active as Antonio Conte takes charge.
The likes of Liverpool should also be busy, while Manchester United can spend big again too, meaning Arsenal may be forced to spend big themselves just to keep up in the top four race alone.