The Gunners have had a disastrous start to the season both on and off the pitch.
Arsene Wenger, who signed a new two-year extension at the back end of last season, vowed to kickstart a new era at the club.
But he has failed to convince his critics that he will turn the ship around with the club claiming just three points from their opening three Premier League games.
Arsene Wenger also failed to bring in any of his top targets with Alexandre Lacazette being the only marquee signing to come through the door.
Arsenal did lodge a deadline day bid of £92m for Thomas Lemar, which was accepted by Monaco, but the player himself snubbed their advances.
This resulted in Alexis Sanchez’s proposed move to Manchester City also being called off despite the club accepting an offer of £55m plus £5m in add-ons.
Wenger now faces losing the Chile international on a free transfer in the summer as well as a host of other players, who are also out of contract.
But Merson reckons the Frenchman should have focused his attentions on signing a player like Chelsea new boy Drinkwater, who joined the Blues in a £35m deal from Leicester.
Merson wrote in his column for The Daily Star: “Arsenal should have bid for Danny Drinkwater rather than let him go to Chelsea.
“At least he will fight for you.
“This lot just give up.”
Up next for Arsenal is a clash with Bournemouth on September 9th (3:00pm).