The Arsenal legend is ready to accept the post following the sacking of Gus Poyet.
Dugarry told RMC: "If Thierry Henry asked me what to do today, in the current state of the club, I would say especially do not go. Stay quiet at home, rest, I do not know, but do not go there!
"I would be delighted but with means, guarantees, with a real structure, with a club that is finally working well. Who will the new leaders recruit? They will take possession of the club in September so you will at least go for 4 months until the next winter transfer window.
"All year, you will fight not to go down and finally try to work well for next year so it's going to be a s****y year."