Cottagers boss Jol, who spent three years in charge of the Gunners' arch-rivals Tottenham, suggested Arsene Wenger's men were not competing on a level playing field with Manchester United, Manchester City and Chelsea.
"If you look at the likes of Man City with almost half a billion spent, Man United, it's not easy nowadays," said Jol.
Asked if supporter anger was justified, Jol said: "I don't think you have to be angry. Frustrated is probably the better word.
"Angry with Wenger? Wenger created the new Arsenal, almost.
"Maybe in three years' time, they will hope and pray to get someone like Wenger."