Trailing 2-0, Graham has urged Wenger to play a weakened team for the second leg of their Champions League clash with Bayern Munich on March 11.
"One of the questions facing Arsene is whether they play their best team and try to win the tie, which is near impossible, or concentrate on the league," Graham told BBC Radio Five Live's Sportsweek programme.
"Personally I'd play a weakened team because I think the second half of the first leg was like a practice match for Bayern.
"It took a lot out of Arsenal and they have some very tough games coming up. They need fresh legs and fresh minds.
"This is one of the big decisions managers have to make."
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