Speaking on talkSPORT, Clarke revealed a Premier League star who could step in whilst Saka remains sidelined with a hamstring injury.
The Arsenal and England winger is set to be sidelined for more than two months after tearing the muscle in his right leg in a 5-1 win against Crystal Palace last weekend.
It is a major blow to the Gunners but Saka posted a picture from his hospital bed showing him making a thumbs up signal.
West Ham's Mohammed Kudus was the player named by Clarke on talkSPORT breakfast.
"Mohammed Kudus is a player that Arsenal have had a long term interest in. He is a perfect Bukayo Saka replacement who can also do a job up front.
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"Wonderful traveller with the ball at his feet. Could Arsenal test West Ham United's resolve with a with an offer this month?" he added.
Kudus joined West Ham in 2023 from Ajax for £38million, becoming the second-most expensive Ghanaian footballer of all time behind Arsenal's Thomas Partey.
He has scored 17 goals across 60 games for West Ham, including three so far this season in the top-flight.
Speaking on Arsenal's title chase this season, Clarke said there are 'loads of positives' despite narrowly missing out on the title for the past two campaigns.
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"The nature of it, the last two seasons where Arsenal have led the way and then been caught, to finish second, it's pretty heart-breaking, even though there are loads of positives.
"This time around, it feels very different because Arsenal are the chasers and that might suit us in the second half of the season.
"It's a different sort of pressure having to win, but also knowing that Liverpool have got the pressure of sort of looking over their shoulders. It's exciting.
Clarke added that he believes Arsenal can catch Liverpool, although admitted it would 'need a blip' and a 'good old wobble' from Arne Slot's team.
Clarke also discussed Arsenal's need for goals - particularly after a 1-0 victory at home to Ipswich Town where they had over 80 per cent possession for the opening period of the game but only managed to score once through Kai Havertz.
"That aspect of Arsenal's game is, is pretty phenomenal at the moment. They're not really giving opponents a sniff" Clarke said.
"It's going forward. Do Arsenal have enough goals in them against teams that are really defensive?" he questioned.
"It's what Ipswich did last night that's proving a little bit problematic, and Arsenal will have to get better at it."
Arsenal boss Arteta has insisted he will look within his squad to find the solution in Saka's absence, rather than relying on the January transfer window.