The north London side have come in for plenty of criticism in recent weeks following their stuttering form.
Arsenal were knocked out of the Champions League by Barcelona on Wednesday night just days after being dumped out of the FA Cup after a defeat by Watford at The Emirates last weekend.
The Gunners now only have the Premier League title to play for this season, and Arsene Wenger’s men trail leaders Leicester City by 11 points heading into this weekend’s round of fixtures.
And former defender Mills feels that defence and attack are the key areas Arsenal should be looking to strengthen in the forthcoming summer transfer window.
Writing in his blog for Sportlobster, Mills said: “Arsenal need a world class centre-back, a Vincent Kompany, who can organise the defence and give the side strength and stability. A leader, someone with a voice and a commanding presence. It’s what they lack right now.
“At the other end it’s obvious, they need a 25 goal-a-season striker. If they’d had Aguero this season they probably would’ve walked the league. The addition of just two players could reshape that whole team.
“The problem is that Wenger won’t pay over the odds for a World class addition to his squad, opting for young potential he believes he can polish.”
Arsenal travel to Everton on Saturday lunchtime.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news