The 44-year-old - who scored 43 goals in 197 appearances for the Gunners between 1999-2004 - wants his former team-mates to return to North London.
"I think the same thing about Thierry Henry. If you asked me, I'd say go and get both of them.
Kanu has admitted that despite guiding the club to the FA Cup last term, Arteta has underwhelmed since taking over from Unai Emery.
He added: "The coach did a good job in winning the FA Cup last season but this is a big club, and the expectation of a big club is to win the league.
"As things stand, you can't rate Arsenal highly in terms of performances in the Premier League, but if they can win the Europa League, it gives them a good balance, knowing they have struggled in the league.
"You can't exactly say that Mikel Arteta is doing an amazing job, but we have to remember he's in a European semi-final and he's working hard. He's not been in charge for very long so it's tough to judge him too much."