The Gunners did win the FA Cup last season, but it has been another season of disappointing Premier League performances. Arsenal are barely hanging on to sixth place in the league
Campbell believes Wenger will be remembered as a legend, but the time to move on is now.
"Arsene Wenger has proven his love for the club in stepping down," Campbell told talkSPORT.
"This is the best thing for the club.
"He has been a fantastic servant to the club and if the players have got anything about them now, I would like to see them play possessed and win that Europa League.
"The West Ham game now on Sunday should be full to the rafters.
"Give the man the send-off he deserves. He has made the club, he has built them into a global, iconic institution.
"Arsene Wenger deserves the plaudits. He has changed English football."