The former Gunners centre-back has used Virgil van Dijk as the perfect example of how investing in quality can pay dividends.
Jurgen Klopp, along with a host of other top bosses from clubs, made several attempts to sign the Dutchman before splashing out £75million on him in 2018.
Since then, Van Dijk has helped Liverpool to Premier League and Champions League glory, and Campbell believes the Gunners making a marquee signing this summer could give them a solid platform to build on.
He told Stadium Astro: “Look what Liverpool did, you know [Virgil] van Dijk. For me, could I see Arsenal spending that type of money?
“Sometimes it does take that type of money if a player is nailed on and you’ve got to get him and he can actually start to change the outlook of your team, especially from the back.
“It might take something like that, they don’t mind buying [Nicolas] Pepe and that kind of big money up front.
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“But, you’ve got to realise that sometimes you need to catch up with the rest of the guys.”
Before adding: “Sometimes when the player does come available and you really think, ‘This guy can really change it’, and you’ve looked at all the scenarios, you might have to dip in the pocket and buy someone big at the back to take that on and then you build around him.
“But you’ve got to go for it. Going for it at the front, paying big money for front guys, but don’t underestimate getting quality defenders to hold that back line together.”