Arsene Wenger smashed the club’s transfer record to bring Lacazette to the Emirates Stadium during the summer transfer window.

The France international cost Arsenal an initial £46.5m, which could rise a further £6.1m.

Lacazette has made a solid start to life in the Premier League, scoring four goals in six appearances.

But Hleb, who played for the club between 2005 and 2008, does not believe he is any better than Olivier Giroud.

He said: “The signings that did come through are good, like Alexandre Lacazette, but I can’t say that’s a ‘fantastic’ signing.

“I am a fan of Giroud and I don’t think Lacazette is better than him.

“I think the two are on the same level.”

Paris St-Germain smashed the world transfer record by spending €222m on Neymar and Hleb fears Arsenal are now unable to challenge for the best players.

“Football is a crazy world now,” he told the Independent. “The market is crazy, there is just so much money involved.

“Arsenal would have wanted to sign more players but it’s too difficult to compete with the likes of Manchester City and PSG.”

Arsenal face Hleb's former club BATE Borisov in the Europa League tonight.