The current Gunners boss is coming under intense pressure at Arsenal following their disappointing start to the Premier League season.
The Gunners have only managed to win four of their 12 games in the Premier League to leave Arsenal cut adrift of the top four in sixth place.
Emery’s side slumped to a 2-0 loss to second-placed Leicester City at the King Power Stadium on Saturday evening following goals from Jamie Vardy and James Maddison.
Arsenal have conceded 17 times in 12 games in the Premier League to highlight their continued defensive problems under Wenger’s replacement at The Emirates.
Wenger was linked with the Bayern Munich job in recent days as the former Arsenal manager ponders his next move following 18 months out of the game.
But former Arsenal midfielder Nicholas believes the Gunners should avail of Wenger’s experience and knowledge in some sort of role at The Emirates.
“I suggested on Soccer Saturday that if you want to overlord the process, I would go in for Wenger and get him on the board or get him in as the technical director,” Nicholas told Sky Sports.
“Why let him talk to Bayern Munich and float about on TV when you can have that brain, fabric and understanding at the club right. He could work with an experienced manager to get it right.
“He can also improve the decision making. Why did Arsenal miss out on Gary Cahill, for example?
“Wenger couldn’t sort his own problems, but he could help Emery in certain ways. I was always teased about the hierarchy not being right, but we have around four guys arguing over transfers. Is Edu the one who says these are the players Arsenal are getting? Is he in strong communication with Emery?”
Wenger won three Premier League titles and seven FA Cups during his long spell in charge of the north London side.
The Gunners lost 2-1 to FC Barcelona in the Champions League final in 2006.
Wenger’s best achievement was Arsenal’s Premier League title triumph in 2004, when the Gunners finished the season unbeaten.
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