He thinks the Frenchman needs to get with the times and play the transfer game to compete with the big boys.
“I'm an Arsenal fan as well and I like Mustafi," Bothroyd told the Daily Express.
“He had a good Euros. I don't really know much about Perez to be honest, and without seeing him play to me that's like a cheap option.
“Arsene Wenger always talks, last year he was saying he's got £200m at his disposal, and then when you've got players like Gonzalo Higuain and these top players, the going rate for a world class player is not £20m anymore.
“It's going to be £40/50m and Arsenal just don't seem to have evolved and I'm afraid to say if Arsenal don't start investing in these world class players, players like Sanchez and Ozil aren't going to be renewing their contracts. They're going to be walking out soon because they want to compete for the Champions League."