The Gunners are currently on the lookout for a new manager to take over at The Emirates after Arsene Wenger confirmed that he will be stepping down at the end of the season.
Wenger leaves Arsenal after almost 22 years in charge at the north London club and on the back of a disappointing trophyless campaign for the Gunners.
It remains to be seen who Arsenal will bring in to replace the Frenchman, but the Gunners will have to settle for a place in the Europa League next season after their sixth placed finish this term.
Once the new manager has been appointed, attentions will inevitably turn towards the summer transfer window and the players the Gunners could look to sign.
And Manchester United defender Neville feels that the Gunners will first have to decide what their ambitions are before spending big over the next few years.
Speaking to Sky Sports on Sunday, Neville said: “If the aim is to win the Premier League, I think it [will take] three seasons at Arsenal – and they’d have to spend £300m-400m.
“If the aim is to get into the Champions League, you’re probably talking £150m-200m over four seasons.”
Arsenal have not won the Premier League title since their famous unbeaten triumph in the 2003-04 campaign.
The Gunners did win the FA Cup in three of the last four years.
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