The Gunners have performed a sensational turnaround in their season following an unsettling period at the beginning of the campaign, when questions over Wenger's position at the club were raised.
While the North London side are in contention to finish third in the Premier League table, Campbell believes that much work has to be done in order for the club to move forward.
"You've got to ask yourself, where are Arsenal going? Do they want to actually win anything?" Campbell told BBC Sport. "You can have players for the future but it is about getting players who can make a difference now.
"[The fans] are not going to accept being in a fantastic stadium and being a well-oiled machine but not winning anything."
Arsenal have not won a piece of silverware for seven years.