The Gunners are 12 points behind current Premier League leaders Chelsea and several Arsenal supporters have questioned if Wenger is the right man to guide the north Londoners to their first title since 2004.
One of those fans questioning the Frenchman's leadership is Graham, who believes the former Monaco boss has lot of questions to answer.
Speaking on Radio 5 Live, he said: "There are a lot quesions to be answered at Arsenal right now, not only about the positioning of Danny Welbeck, but also why is Santi Cazorla playing wide left and why is Mesut Ozil playing wide?
"Only Arsene knows the answers but I am sure he knows what he is doing and Arsenal will finish in the top four again this season.
"In my mind, though, that is not enough. Arsenal should be among the challengers to win the title."
