Ray Parlour has urged Arsenal to follow Liverpool's lead by taking a gamble on signings this summer.

Unai Emery reportedly has just £45m to spend after Arsenal missed out on Champions League qualification.

But Parlour says the club must loosen the purse strings, as Liverpool did last summer, to give themselves a chance of success.

The ex-Gunners midfielder told the Daily Star: "They are a long way behind Liverpool and Manchester City. Maybe they have to spend a bit more money.

"You see what Liverpool did – they needed a centre-back and in comes Virgil van Dijk. Nobody mentions how much he cost now. The same with Alisson in goal.

"It's all about investment. As much as I hate to say that money is everything, but it's always gone that way.

"Sometimes you have to go beyond your budget, absolutely.

"If you can attract a player and you know he is very keen to go, sometimes you have to push the boat out a little bit further and take the gamble."