Arsenal manager Arsene Wenger spent a grand total of nearly £50 million last summer as he signed Gervinho, Alex Oxlade-Chamberlain, Mikel Arteta, Andre Santos and Per Mertesacker for the first team.
But the transfer outlay was financed primarily through the sales of Cesc Fabregas, Samir Nasri and Gael Clichy, which meant the Frenchman had to work within a budget and some of the new players had a difficult time adapting to the Premier League in the early half of the season.
But the renaissance of Tomas Rosicky and Theo Walcott, along with the consistent excellence of Robin van Persie helped turn things around and Arsenal managed to get back into form in the new year with impressive victories over Tottenham, Liverpool and Manchester City.
Nevertheless, Campbell, who was part of the famed Invincibles squad that went a whole season unbeaten in 2003/04, believes that a seventh season without silverware is not good enough for the London club and he believes that some serious questions need to be posed to the people in charge of the club.
"You've got to ask yourself, where are Arsenal going? Do they want to actually win anything?" he told BBC Sport.
"You can have players for the future but it is about getting players who can make a difference now."
Club captain Van Persie has helped carry the goalscoring burden this season with 34 goals in all competitions so far and it is largely due to the Dutchman that Arsenal did not fade from prominence as many critics predicted that they would.
The former England international believes that Arsenal need more players of Van Persie's ilk if they are to challenge for top honours against the Manchester clubs and Chelsea, all of whom boast a much greater financial clout in the transfer market.
"They [the fans] are not going to accept being in a fantastic stadium and being a well-oiled machine but not winning anything," said Campbell
"Sometimes you've got to make your season, but you can't do that if you haven't got the right players in and around the squad.
"You've got to push the boat out, swallow your pride and pay a little bit more, put a bit more on the table and get the players in.
"You need the players who are going to come in for two or three years and make the difference. It's all about the here and now."
He is happy to note that his former side will most likely get to participate in the Champions League in the coming season as they are currently comfortably ahead of fourth-placed Tottenham. But he does not think that the current Arsenal squad has the depth to handle the concurrent demands of the league and a 15th consecutive stint in Europe's premier competition as well as the cup competitions.
"The Champions League is great if you win it. If you don't, you've got to start again next season with no trophies in the cabinet," said Campbell.
"I know everybody, at the start of the season, wants to win something but you've got to have to personnel, the fire-power and also the edge.
"Arsenal have great players but with everybody fit I still don't think it's enough. They've got to get a few players who can make the difference."