The Gunners were swept aside by the German champions at the Allianz Arena, putting them firmly on course for a last-16 exit from the competition for the seventh consecutive season.
The defeat has sparked an increase in calls for Wenger to end his 21-year stay with the club when his contract expires this summer, but Wilson believes that the bulk of the criticism should be aimed at the players.
"Today, sadly, there are lots of new voices who would still be pro-Arsene who will be for his going, and they will be added to those who are already screaming for his departure. It is very sad and unfair in many ways, but the bottom line is that the blame is not with Arsene, it is with his players. The irony is, individually they are a good squad when they are all fit, it is one of the better squads. The real blame comes back on them," he told reporters.
"The old club crest that I used to wear, the famous old saying that was ground into us was 'Victoria Concordia Crescit' which means 'Victory grows through harmony' - they did not have that harmony. The players need to take a long, hard look at themselves; they should be thinking about not just themselves but also the club but also particularly about the fans, the fans are losing faith and their blame is directed at the manager. At the same time they should be pointing the finger at the players.
"I hope the players realise they are playing for one of the great football clubs, I'm hoping they realise how much they are letting themselves, their families, the club and the fans down. I'm scared that this could tip [Wenger] over the edge. He is a hugely intelligent man and it hurts to see him at present, it hurts when ex-professionals question his ability and his understanding of the game.
"His longevity is now becoming more and more of an issue when things go badly, it is used against him and he might just think that enough is enough now. It is a very crucial period for the club at this time. You have to accept as a football club when you have greatness there, there is a massive danger of results being worse and the pressure on anyone coming in and following Arsene Wenger is massive."
Arsenal, who have now lost three of their last four games, will look to return to winning ways against non-league Sutton United in the FA Cup on Monday.