The Gunners have came close to ending their 20-year Premier League title drought for two seasons in a row, but were unable to pip reigning champions Manchester City on both occasions.
Making signings in the upcoming transfer window could give Arsenal the exciting X-factor and firepower Mikel Arteta's side have been missing to get them over the line.
Plenty of the Arsenal faithful have screamed for a centre-forward or left wing signing that could reduce the pressure on Bukayo Saka to perform highly every match.
The winger has scored five and assisted ten goals - on track to beat Thierry Henry's record of 20 assists from the 2002/03 campaign.
He is also their top scorer in the league, joint with Kai Havertz.
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But Petit believes Arsenal still need to sign more attackers.
Speaking to talkSPORT, he said: "I think Arsenal needs one or two more players, especially up front and maybe on the left flank to make rotations and to bring more qualities as well.
"They need a really, really good striker that can score goals because I really like Kai Havertz, sometimes [Gabriel] Jesus can do the job.
"But a typical striker that can score 20, 30 goals per season, this is exactly what Arsenal needs."
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Former Gunners player Pierre-Emerick Aubameyang was the last player to score 20 plus league goals for the club in the 2019/20 season.
"I really like Osimhen", the Frenchman continued. "I think he's on the radar of Paris Saint-Germain as well. I like Leao from AC Milan. They are different players but they are performing well at their clubs.
"It's quite difficult in transfer windows, especially in January, to bring in big names.
"But with the new format of the Champions League, who knows? Maybe something can be possible."
Leao is a proven winner who willed AC Milan to a Serie A title in 2021.
Osimhen, meanwhile, also scored 26 league goals to deliver Napoli their first Scudetto in 33 years in 2023.
Both would be seemingly great replacements for Gabriel Martinelli, who is yet to recover his 2022/23 form when he scored 15 league goals, and Havertz who has impressed but lacks a striker's venom.
Arteta boasts a solid backline with the likes of Gabriel Magalhaes and William Saliba who Petit praised for being a mature 'leader'.
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But the Gunners have been let down by a blunt attack at times this campaign.
Arsenal will no doubt want to make the most of usual title rival Pep Guardiola's wings being clipped, with City on their worst run since 2006.
Instead, it's Liverpool who have risen in Arne Slot's debut season in England, sitting six points clear with a game in hand.
Mikel Arteta's side lag behind in third, six points off the Reds with Chelsea in second two points ahead of them.