The Nigeria international burst onto the Premier League scene in 2015-16 and was talked up as the next top talent at the north London club.
However, Iwobi appears to have lost his way over the past 18 months or so to fall out of favour under Arsene Wenger.
The African playmaker has scored two goals and has made five assists in 16 starts and four substitute appearances in the Premier League.
Iwobi has made one assist in four Europa League games to help Arsenal reach the latter stages of the competition.
The Arsenal star was in the headlines earlier this year after he was allegedly spotted at a late-night party 36 hours before the north London side’s FA Cup third-round loss at Nottingham Forest.
Former Gunners defender Keown is running out of patience with the 21-year-old playmaker following a mixed season for the Nigerian.
“It’s time for Alex Iwobi to deliver,” Keown told the Daily Mail.
“He has been in the first team for three seasons now but has not really trained on. He’s neat and tidy but is not decisive enough. He’s scored more goals for Nigeria than Arsenal this season – two goals in 32 games is not good enough for an attacking player, even if a lot of those are from the bench.”
Iwobi has scored eight times in 91 games in all competitions since making his Arsenal debut.
The Gunners haven’t won the Premier League title since 2003-04 when Arsenal finished the season unbeaten.
Arsenal are looking to win their first European trophy under Wenger.
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