Woodcock says it's too early for fans to be calling for Wenger to be sacked.
He told the Daily Star Sunday: "I believe everyone should keep calm and see what develops over the next few weeks.
"I can really understand the disappointment of the Arsenal fans, I am one myself - but it is not so easy to buy players in this day and age of player-power.
"When I look at the current Arsenal team, I look for a backbone - top goalkeeper, top defender, top midfield player and a top striker. I am still not sure if Arsenal have this spine that every team needs if they want to be champions.
"Arsenal have many good footballers - perhaps too many Indians but not enough chiefs.
"Arsenal should not just go out and buy new players for the sake of it - new players coming to the club have to be better than the ones already playing.
"To improve the current team, top players are needed - players that have won things.
"Let's see what happens in the next week or two - but it is too early to start calling time on Arsene Wenger."
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