Arsene Wenger's side have enjoyed a free-scoring start to the 2009/10 campaign following 6-1 and 4-1 wins against Everton and Portsmouth respectively in the Premier League, either side of a 2-0 success at Celtic in their Champions League qualifier first-leg.
However, the Emirates Stadium outfit have, to date, only added Ajax defender Thomas Vermaelen to their ranks, with Kolo Toure and Emmanuel Adebayor departing for Manchester City.
And Arshavin, who exploded onto the Premier League scene last season after arriving from Zenit St Petersburg - netting six goals and bagging seven assists in 12 appearances - says a new signing or two in the next seven days could set the club up for a memorable campaign.
"We still have to buy. That's my opinion," he told the Sunday Times.
"We shouldn't set Everton as a benchmark, we should be looking at the top teams of Chelsea, Manchester United, Real Madrid, Barcelona.
"We should buy first-class players, regardless of their age. We should buy the ones who should improve our game.
"The top teams have much bigger squads than ours and that is why we have to buy."
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