The Gunners are considered by some to be the best-run Premier League club off the field, although they haven't be able to translate that into success and are still awaiting their first trophy since 2005.
However, the Scot is certain that the North London outfit can turn it around and that this is the best team they have had since they last won silverware.
"They seem to be heading in the right direction at the moment, apart from looking like they might lose Robin van Persie," McLintock told talkSPORT. "They were outstanding against Cologne [at the weekend], and I've seen videos of the players they've bought – Podolski, Giroud and Cazorla - and they look fantastic. So maybe Arsenal will have a stronger team this year than last year.
"I think Arsenal are waking up to the fact they can't keep putting [ticket] prices up and not spending on the pitch. The debt must be well under control now. They've had very good money coming in over the last two seasons. They must have had almost £200m from Manchester City alone.
"It's payback time now. The three buys they've made looked very good and if they get another couple in, this could be their best team for maybe seven years."
Arsenal get their Premier League campaign underway against Sunderland at the Emirates on Saturday.