Ex-Arsenal striker brands club's transfer policy a "joke" after Denis Suarez signing
The 25-year-old Suarez agreed to join the Emirates outfit until the end of the season on the final day of business, but his arrival did little to appease the former Arsenal striker.
Defenders Rob Holding and Hector Bellerin have been ruled out for the rest of the season, while Unai Emery's side are also without Sokratis Papastathopoulos and Laurent Koscielny through injury.
Nicholas pleaded with the Gunners hierarchy to reinforce the stretched backline, while using Liverpool's capture of Virgil van Dijk as an example to follow.
"I'm happy with anybody at the moment if I'm being honest because this Arsenal transfer philosophy is an absolute joke," the Sky Sports pundit said.
"It really is a joke ever since David Dein left the building. I'm confused because we all need defenders and they are hard to get. Liverpool spent £60m to £70m getting one of the best you can get, and we can't seem to identify one.
"We're the ninth richest club and we can only get loan deals. I don't care if the manager likes this player or not, please Arsenal, get some defenders in."