Arsenal are in third position going into their final Premier League match of the season after outsiders Leicester City clinched the title. The north London club has not won the league since 2004.
"What Wenger will do in the summer is he will re-balance, take time out to consider and he will then decide what changes are necessary if he wants to do that," Keown told Reuters.
"There was lots of talk of a centre forward coming to the club and that did not happen. I would assume that that would be an area of priority," he said in the Ethiopian capital Addis Ababa. He was visiting as part of a partnership between Arsenal and Ethiopian brewery Dashen to develop grassroots football.
Striker Danny Welbeck will be out of action for nine months after injuring his right knee last weekend, giving added urgency to boosting Arsenal's attack. French striker Olivier Giroud has also been short of goals.
Questions were raised about Arsenal's ambitions at the start of the season after they made only one senior signing -- goalkeeper Petr Cech.
Keown, who has played over 300 matches for the Gunners, said Arsenal would also need to strengthen midfield earlier in preparation for the next campaign.
Egyptian Mohamed Elneny was bought only in January to provide coverage for the injury-hit trio of Santi Cazorla, Jack Wilshere and Francis Coquelin.
Some Arsenal fans feel the club has missed its best chance in years to win the league as big rivals such as Manchester City, Chelsea and Manchester United struggled for consistency.
"I think if you were still a competitor you would watch those television shots of the (Leicester) players celebrating with the trophy and picking it up and thinking that that should have been you. It must hurt," Keown said.
"You use that energy for next season to make sure that you are the one picking the trophy up."
(Reporting by Aaron Maasho; Editing by George Obulutsa and Keith Weir)
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