The Gunners haven't lifted a trophy since 2005 and have let star players such as Thierry Henry leave the club for vast figures without splashing the cash to replace them.
Campbell told The Mirror: "You have to give him immense credit for what he has done.
"And it has been overlooked that while they have not done well in the cups, they have been consistent in the league. They have won their last three matches.
"But maybe there has to be a change regarding transfers. It should be done on a more case-by-case fashion. I think the fans deserve that."
Arsenal take on Tottenham Hotspur in the North London derby on Sunday.