Campbell, who was part of an Arsenal team that went an entire Premier League campaign without a defeat in 2003-04, said that there are not enough players with strong mentalities in the current squad.
"They're a great footballing side, Arsenal, they play fantastic football," Campbell told The Telegraph.
"But it comes down to those final moments where you need leaders, and not just one leader, you need five leaders up and down the pitch, it's too much for one guy.
"You need four or five leaders to cement that winning mentality and hopefully make it change."
Arsenal are currently sixth in the Premier League after taking 34 points from 21 games.