Campbell won two Premier League titles and three FA Cups during his initial five-year spell at Arsenal.
He told the Sunday Mirror: "You have to give him immense credit for what he has done.
"And it has been overlooked that while they have not done well in the cups, they have been consistent in the league. They have won their last three matches.
"But maybe there has to be a change regarding transfers.
"It should be done on a more case-by-case fashion. I think the fans deserve that."