Cascarino fears the club have only remained so patient with Wenger 'because of sentiment' and believe his reign at the Emirates will soon go the way of Brian Clough at Nottingham Forest.
Writing in The Times, Cascarino said: "Big clubs sack managers, and Arsenal are a big club. They have the best stadium in the division and a fine history, but cannot call themselves a big club if they are prepared to hang on to Wenger out of sentiment.
"When I look at him, I see a guy who believes in a philosophy based on simplicity. He won't change. He was a genius, but that genius has had its day. Football has caught up with him and he remains in the job because of sentiment.
"I am worried he could end up like Brian Clough; a magnificent manager who at the end of his career was but a shadow of what he once was. At the end of his Nottingham Forest career he was out of touch and Wenger is in danger of becoming something similar, of being embarrassment."