The Gunners lock horns with Chelsea in the FA Cup final on Saturday, although they'll be missing from Europe's elite competition next term after finishing sixth in the Premier League.
Keown doesn't think their disappointing league finish will scupper Arsene Wenger's summer plans, though.
"Did Arsenal ever go out and buy any really massive names," said Keown who was speaking on behalf of BT Sport ahead of Saturday’s Emirates FA Cup Final.
"It wasn't part of their model. OK they did that with Mesut Ozil and Alexis Sanchez, paid £40m for one and £35m for another.
"His judgement of players is where he's going to be judged.
"Granit Xhaka has not quite lived up to the price tag.
"Is there a midfield player there like what we had in the past? I know it's easy to say you want a Vieira.
"You need a world-class player in that position.
"You need to give the ball to somebody and it never comes back.
"I didn't want it back when I gave it to Patrick Vieira! He took the game by the scruff of the neck.
"Why not look back to look forward? He has a back catalogue of videos and stuff to feed upon because his achievements have been magnificent."
* Watch Arsenal v Chelsea in the Emirates FA Cup Final live on BT Sport 2 from 4:30pm on Saturday 27th May. BT Sport is your home of unmissable football from the Emirates FA Cup and Premier League. For more info visit btsport.com’
