The Gunners overhauled their squad in the January transfer window to offer their long-suffering supporters with some hope.
Armenia international Henrikh Mkhitaryan completed a move to Arsenal in a swap deal that saw Alexis Sanchez secure a transfer to Manchester United.
The Gunners signed Gabon international Pierre-Emerick Aubameyang in a club record £56m deal from Bundesliga giants Borussia Dortmund on transfer deadline day.
Arsenal were 5-1 winners against Everton in their home debuts earlier this month as Aubameyang opened his Premier League account and Mkhitaryan made three assists.
However, the January signings were powerless to prevent the Gunners succumbing to a 1-0 loss to Tottenham Hotspur in the north London derby on Saturday afternoon.
Former Leicester midfielder Savage highlighted the player that Wenger needs to help Arsenal challenge their top-six rivals.
“Arsenal miss a defensive midfielder. A player who can protect the back three or back four,” Savage told BBC Radio 5 Live.
Arsenal sold Theo Walcott, Francis Coquelin and Olivier Giroud in the January transfer window to revamp their Gunners squad.
The Gunners are in sixth place in the Premier League table and seven points behind Tottenham Hotspur in the race to secure a Champions League spot.
Arsenal finished in fifth last term for the first time under Wenger.
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