Both Schneiderlin and Hummels have been linked with moves to the Emirates in recent months, and according to reports, are eager to join the Gunners.
In a recent interview, Parlour, who was at the Emirates for 12 years, urged Wenger to go all out to sign the coveted duo, who are reportedly wanted by the Gunners' Premier League rivals Manchester United and Chelsea.
He said: "Mats Hummels would be great, a world cup winner and a good player.
"For midfield, I would go for [Morgan] Schneiderlin if you can get him. He’s at a good age.
"Lots of players are linked. [Sami] Khedira would have been great.
"Players that have played in big games won’t be phased by anything. Schneiderlin hasn’t, but I can see him improving."
