Keown: Arsenal still need Campbell experience
Campbell, who turns 36 in September, has an offer from Celtic, which is understood to be for two years rather than just the season extension on offer from the Gunners.
Former Arsenal defender Keown played with Campbell as part of Wenger's Invincibles side from 2003/2004.
He believes the veteran former England skipper's experience would prove crucial, even with the arrival of Laurent Koscielny from Lorient.
"I am worried that he [Koscielny] is young. When he played, I think Sol Campbell displayed an element that was missing from the team," Keown told Sport.co.uk.
"There is no substitute for experience.
"I think Arsenal have suffered over the last five years for not having quite enough experience."