Campbell fears the walls are closing in on Wenger - but insists that he can still save himself by winning the Europa League.
“For me, if Wenger wants to keep his job, he needs to reach the Europa League final at least," said Campbell, before Thursday's last-16 first leg away to AC Milan.
“The guy's got to go for it, because that's the only thing he can go for. I can't see Arsenal getting into the top four through the league, so going through the backdoor, like Man United (did last season), is the glimmer at the end of the tunnel.
“The Europa League is the only thing Arsenal can go for to salvage their season. Arsenal are clearly going through a difficult period right now with results, but the board need to wait and see how the season ends, and then look at it.
"That way, you give respect to the manager.
"Wenger's had this before - disgruntled fans, even with the FA Cup wins. They're just disappointed with performances, which have just been way below Arsenal standards."