The north London side have been finding themselves under pressure in recent weeks following a stuttering start to the new campaign under Emery.
The Gunners are aiming to break back into the top four this season but they have not shown anywhere near enough consistency so far this term under their Spanish head coach.
With the new year fast approaching, the January transfer window will give the Gunners the change to strengthen their squad.
And Waddle feels that the north London side should look at bringing in two new centre-halves to bolster their defence once the January transfer window opens.
Speaking in an interview quoted by the Daily Express, Waddle said: “Unai Emery looks to be on borrowed time at Arsenal and he’s only got himself to blame.
“Going forward there aren’t many better teams around at the moment but defensively the Gunners are a disaster waiting to happen.
“And how he didn’t see that in the summer I’ll never know.
“I’d give Emery the January transfer window so long as he has revealed a plan to the board and told them the two central defenders he needs to bring in as a minimum to strengthen at the back.
“Whether he gets until then I’m not so sure because we’ve all heard the talk that defeat at Leicester could be the end for him.”
The Gunners lost 2-0 to Leicester City at the King Power Stadium on Saturday evening.
Arsenal will return to Premier League action after the international break when they take on Southampton at The Emirates on 23 November.
The Gunners have not won the Premier League title since 2003-04 and they finished in fifth place in the Premier League table under Emery last term.
Emery was brought in as Arsene Wenger’s successor back in May 2018 after the Frenchman opted to leave the club but he is yet to win a trophy as Gunners boss.
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