The north London side were left with their Champions League hopes in tatters on Wednesday night after they were thrashed 5-1 by Bayern Munich in Germany.
Wenger has found himself under intense pressure in the wake of the result, with the Gunners currently 10 points behind leaders Chelsea in the race for the title.
The Frenchman’s contract at Arsenal is due to expire at the end of the season and it remains to be seen whether he will stay at the club beyond the summer.
However, former Arsenal midfielder Merson says the Gunners players must shoulder a portion of the blame for their recent slump in form.
Speaking to Sky Sports, Merson said: “The manager gets the blame all the time, but at the same time he’s getting let down by his players when they capitulate like that. They have got to perform and stop letting him down.
“I think the time has come for change, but not just the manager – change the players. I don’t think some of the players are good enough to play for Arsenal.
“He has accumulated a team that isn’t good enough to win the Premier League and is nowhere near good enough to win the Champions League, so something has to change.
“The recruitment has been terrible, bar Sanchez and Ozil. Arsenal should have more than two top players and you’ve got to blame Wenger for that. He’s the one who brings the players in.”
Arsenal are currently gearing up for their FA Cup fifth-round clash with Sutton United on Monday night.
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