Former Arsenal striker Alan Smith says Arsene Wenger has lost is knack in the transfer market.

Smith feels the Emirates boss should have continued his pursuit of new Chelsea signing Gary Cahill.

He told talkSPORT: "With the Cahill thing, we don't know exactly how it happened but we do know Arsenal made a bid which Bolton rejected, so why not go a bit higher, pay the asking price and get the player?

"Now he's gone to Chelsea and he's a good signing for them, and he would have been a good one for Arsenal, and better than Per Mertesacker, in my opinion.

"Cahill knows the league, he's an England player and he could be an England player for the next few years and would have had a good re-sale value even at 30. Sometimes Wenger thinks clubs are asking too much and that he wouldn't get a return. It's almost like it's his money and he's careful how he spends it.

"Then there is the wages of course, and Arsenal don't pay £150,000 a week, but Cahill wouldn't have wanted that and I think they could have got him."