Bissouma joined Arsenal's north London rivals Tottenham from Brighton last month.
The Gunners were long linked with Bissouma, but Campbell believes their real target is Leicester star Tielemans.
Speaking on Highbury squad, he said: "I think we bypassed Bissouma because we want Tielemans. We want more of a progressive player in that midfield, somebody who can do the job in midfield but somebody who is going to be a goal threat.
"I think personally Leicester are going to play hardball with Tielemans because they are going to want as much money as they can."
Arsenal are reportedly pushing talks with Leicester over a £30m transfer for the Belgium international.