Arsenal are still on the lookout for a new manager after sacking Unai Emery last month.
The former Arsenal left-back claimed the fans perhaps now understand what Wenger did for the club, as his replacement, Unai Emery, was sacked last month.
Ljungberg, 42, is currently in interim charge of Arsenal, as they picked up their first win under his stewardship when the recorded all three points at the London Stadium last time out.
Speaking to Sky Sports News (12/12/19 at 12:05 pm), Cole shared his thoughts on Arsenal's current situation, as he backed only one man for the main job.
"There were a lot of people 'Wenger Out'," Cole told Sky Sports. "Then he went and maybe they understood what he actually did for the club and how he kept it together.
"Every club has to change. They are in another transition period, at the minute where they tried Emery and for whatever reason it didn't work out.
"Now Freddie is there and hopefully he can take over as permanent manager because he knows the club, inside out. Freddie was my friend at Arsenal, and hopefully, he can change some things at Arsenal."
Arsenal have been in decline for many years now, as some may even point to their move into the Emirates Stadium as the start of their downfall.
The minimum aim, at this moment in time, is to try and get back into the Champions League places, but that is a very tough ask for the players.
It remains to be seen who will get the permanent gig, as the talent pool of coaches isn't as big as the amount of money there is floating around in the game.
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