David Seaman says Arsenal fans should vent their frustrations at the lack of investment in the club, rather than criticising manager Arsene Wenger.
The Gunners boss was subjected to jeers during the goalless draw with Aston Villa on Saturday evening with a section of the travelling supporters chanting 'you don't know what you're doing' when he substituted Olivier Giroud for Francis Coquelin in the closing stages.
But former Arsenal goalkeeper Seaman, who won the Premier League under Wenger in both 1998 and 2002, said the club would not be able to find another manager of his calibre.
And he insists the Frenchman is doing a good job on a budget which is not as high as many rival clubs.
He told Goals on Sunday: "Arsene Wenger was getting a load of stick from the Arsenal fans and there was a chant going round 'can we have our Arsenal back?'
"Say they didn't have a manager at the moment and Arsene Wenger was out there with his track record, they would take him any day.
"For me it's not the manager where the restrictions are, it's the financial restrictions."
Seaman has seen Arsenal sell the likes of Robin van Persie, Cesc Fabregas, Samir Nasri and Alex Song in recent years and feels it will be difficult to achieve success without retaining their top players.
And he said a bigger investment may be needed at board level to ensure the club's top performers are not tempted to move on.
Seaman added: "Losing your captains all the time - like Van Persie and Fabregas - is like when Patrick Vieira left. It takes the heart out of the team.
"We used to be able to keep our best players and that's why we were winning trophies, but at the moment we can't do that.
"What are people looking at Arsenal for? Are they looking to advance their careers? They're not looking to advance themselves financially because they know they can get more money elsewhere.
"It's going to be hard for them to attract players and what's happening is they're getting players in, making them into great players and then they're having to let them go.
"When Arsene came it was a given that they'd be in the Champions League all the time and we were winning things as well, but you can't do what they're doing at the moment and expect to win trophies."