The Gunners will have been relying heavily upon Sanchez and Ozil to produce something special against PSG.
Like against Manchester United at the weekend, The Gunners were well below their best as they welcomed the Ligue 1 Champions to the Emirates, with Edinson Cavani coming within inches of consigning Arsenal to a defeat that would have had huge repercussions for their Champions League hopes.
Arsenal are currently level on points with PSG at the top of Group A but defeat would certainly have consigned them to second place and, in theory, a more difficult draw in the knockout stage.
And Nicholas has laid the blame at the performances of Sanchez and Ozil against Unai Emery’s side, the talismanic duo enduring a relatively quiet evening against elite opposition after tearing apart Basel and Ludogorets in the previous group encounters.
"Arsenal got lucky last night and they still don't take advantage of it,” Nicholas said on Sky Sports.
“The problem for Arsenal is that Mesut Ozil is a superstar footballer, so is Alexis Sanchez, but in the big games they hardly turn up.
"Man United and PSG did enough to suffocate the space of Ozil, and they didn't get any fluency.”
Ozil and Sanchez have been in sublime form in the opening months of the season, the former adding goals to his game in a comparatively clinical streak while the latter has reinvented himself successfully as a centre-forward.
However, barring excellent displays in Arsenal’s 3-0 hammering of Chelsea in September, the attacking duo have saved their best performances for lesser opponents while struggling to influence proceedings in more testing encounters.
Sanchez was notably quiet against Liverpool on the opening day and away at Old Trafford on Saturday, while Ozil’s vision and dexterity was conspicuous by its absence in the North London derby and in the opening Champions League clash against PSG in Paris.