Charlie Nicholas tells Arsene Wenger to splash £70m in signing Shkodran Mustafi and Alexandre Lacazette

Former Arsenal star Charlie Nicholas has advised Arsene Wenger to splash £70m ($91.5m) in completing the signings of Valencia defender Shkodran Mustafi and Lyon forward Alexandre Lacazette before the end of the summer transfer window. The Gunners are still in the market to strengthen their back four and the attacking division.

Granit Xhaka and Rob Holding are two of the three signings made by the north London club before the start of the 2016/17 season. Wenger is without the services of centre-backs Gabriel Paulista and Per Mertesacker, with the latter set to be out of action until the end of this calendar year.

According to Spanish publication Cadena SER, Liverpool were also looking at the option of signing Mustafi. Meanwhile, Lacazette is linked with a move to West Ham United, reports Sky Sports, which has been ruled out by the Hammers manager Slaven Bilic. Nicholas has urged Wenger to beat their league rivals in bringing the duo to the Emirates this summer.

"Wenger just needs to apply the finishing touches to his squad because he's done the hard work. If he gets Mustafi and Lacazette for £70m then he might not have to buy big again for two to three years, which would put them in a stunning position," Nicholas told Sky Sports.

"Manchester United are spending close to a quarter of a billion pound each summer and Arsenal only need to pay a fraction of that once in a few years."

Wenger saw his side lose 4-3 to Liverpool on the opening day of the Premier League. They now travel to the King Power Stadium to take on Leicester City in the next league fixture. Nicholas has advised the Emirates outfit not to panic, should they suffer a defeat at the hands of the Foxes.

"Arsenal are doing what they always do, waiting. They wait, wait, wait in the transfer market and then play catch up. This happens every season," he explained.

"I look at Wenger and I think that he hates the transfer market but that just adds to the point of getting business done early.

"I have been a strong supporter of Wenger's philosophy since he came in but the transfer market has moved on so much in the last five years.

"The Mustafi deal will fall over the line at some point next week but why did he let this happen and risk all the unsettled feelings around the club?"