Arsenal hero Ray Parlour says his old club should roll the dice this summer.

Parlour has urged Mikel Arteta to "take a gamble" in the transfer window and fire the club back into the Champions League.

The 47-year-old told The Sun: "Arteta is the right man to take the club forward and you have to take a gamble to get better players.

"The problem will be attracting the players. They have to sell the club.

"Investment will be very important. To get back into the Champions League, which is massive revenue, it probably takes a bit of a gamble. More quality of players.

"Football is all about money now. To have any chance to break back in the top four you have to spend money.

"It doesn't always mean buying really expensive players — it's about the right recruitment. Look at the positions you need.

"Your scouting has to come into their own. They need the right characters."