The Gunners' legendary hatchet man, who made 501 appearances, was a key figure in Bertie Mee's great side of the 1960s and 70s.
Storey told the Sunday Mirror: "I think they could win their first big trophy since 2005 if they had a few more combative and tenacious players.
"Don't get me wrong, they're wonderful to watch and play great attacking football. But I think they overdo the passing game.
"Against most teams it works, but not against the big clubs - and some teams think Arsenal are a bit soft and try to bully them."