The forward has scored just once in 33 games for the club across all competitions since January.
Gabriel Jesus, who joined from Premier League champions Manchester City in July 2022, made a £45million move to the Gunners, but has struggled with injuries and finding form.
Jesus has netted a total of 20 times for Arsenal and assisted 17 more since joining two years ago, but having had a torrid time with injuries, this season has seen him make fewer starts.
Speaking on talkSPORT's Weekend Sports Breakfast, Tony Cascarino said: "When him [Jesus] and Zinchenko first came, there was a lot of optimism about the two players and rightly so. You're bringing two players from a winning club.
"This was what Arsenal needed. I just think the longer he's been there, he's got poorer. He's not played as well.
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"Maybe missing games and being on the bench, having a number of injuries, you lose a bit of something. He looks very erratic for a player that's won so much in front of goal.
"Most players are being judged on how clinical they are. He's not been clinical for Arsenal and certainly not in the last year or so".
Jesus has started seven out of a possible 20 fixtures for Arsenal this season, scoring and assisting in a 3-0 win against Preston North End in the League Cup.
He notched another assist over Monaco in which Arsenal also won 3-0 at the Emirates.
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Prior to that, his last goal came in a 2-1 victory over Nottingham Forest last season in the top-flight, grabbing an assist too in the same match.
In the 2023-24 campaign, he made 23 starts, scoring eight and assisting eight.
Boss Mikel Arteta was recently asked whether the 27-year-old Brazil international may be heading for the door come January, to which he responded: "No, nonsense".
Quashing the rumours about Jesus, Arteta added: "Like all strikers, they go on phases and moments and that gap is becoming big.
"Obviously a lot of things have happened, injuries, absences, not playing or starting games that much but his attitude has been really good, it always is, and we're going to try to help him overcome the situation as soon as possible."
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