The Gunners are on the lookout for a new head coach after Arsene Wenger confirmed that he will stand down at the end of the 2017-18 season.
Arsenal have regressed under the French head coach in the past decade since their last Premier League title success in 2003-04 when Pires was still playing for the Gunners.
The north London side have been linked with a host of top managers since Wenger’s imminent resignation was announced last month.
Enrique was two La Liga titles, three Copa del Rey trophies and the Champions League during three seasons in charge of the Catalan side.
The Spanish head coach was credited with producing one of the best FC Barcelona teams in the club’s history, with Lionel Messi, Neymar and Luis Suarez in attack.
However, former Arsenal star Pires doesn’t believes the Gunners can afford to appoint Enrique as Wenger’s replacement at the Emirates Stadium.
“I would like to see Luis Enrique as the new manager at Arsenal, but I don’t think it will happen,” Pires told bwin.
“I think he is too expensive and the club will not want to spend so much on a manager. Luis Enrique is a great manager who proved a lot at Barcelona, where he won a lot of trophies, but it was much more difficult at Roma.”
Arsenal lost 3-0 to Premier League champions Manchester City in the League Cup final at Wembley.
The Gunners have won the FA Cup crown three times in the past seasons under Wenger.
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