Mikel Arteta's side have suffered three defeats in their last five outings and seen their title ambitions falter after falling to fourth in the Premier League table.
Parlour thinks the squad needs a new midfielder, a striker, a left-back and has identified who he'd like to see in the Gunners' engine room.
"Well, I certainly believe the midfield area definitely if Thomas Partey does leave because he's an important player when he plays." Parlour told NetBet Online Casino.
"He's a dynamic player in that midfield, he's very good at sitting back and getting back into the back-four and probably Declan Rice can push forward a little bit more. Onana’s been mentioned from Everton who's having a good season, I like him he is quite a good player in that midfield area."
Much has been made of Arsenal's problems in attack, where they lack a typical number nine, and the former midfielder agrees that the club need to bolster their front-line.
Adding: "The striker is the most important place probably because goals win you games. I always go back to my team. We had four great strikers in our team.
"I mean sometimes five with Kanu, Wiltord, Henry, Bergkamp and Francis Jeffers one year who could bang you a goal when he played.
"So I do believe that they've only got two really at the moment, Martinelli can play up there or Trossard as a false No9 but they're not out-and-out strikers. So that is certainly the areas for me."
Finally, Parlour would also like to see a back-up for Oleksandr Zinchenko added to Arsenal's shopping list."Tomiyasu struggled a bit at times, I know he’s a right-footed player. At this point in time Zinchenko is injured but he will hopefully be back very soon."
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