The 39-year-old, who made over 100 appearances for the Gunners between 1997 and 2000, believes that the sport has changed since his time in North London.
Wenger has come under pressure as the prospect of another season without silverware looms large.
"They have to keep faith in Mr Wenger and the board," the Dutchman told talkSPORT.
"The problem is football has changed a lot in the last 10 years. With all clubs having private investors or owners, it makes it more difficult.
"In my period, we had seven or eight English players in the team and three foreigners. These days it is the opposite. So it makes it more complicated to get the right player into your team."
Overmars left Arsenal for Barcelona in 2000.