Saturday's 2-0 defeat to Leicester City has left Arsenal in sixth position in the Premier League standings, eight points adrift of fourth-placed Manchester City.
Petit has claimed that he did not 'recognise' the Gunners during their performance at the King Power Stadium, leading him to suggest that one of the club legends should be appointed as Emery's replacement.
The Frenchman told Paddy Power: "I believe it's time for Unai Emery to leave Arsenal. The results are not good at all. I don't recognise this team any more and I don't recognise this club any more.
"My opinion is that most of the players have given up on Emery, so it's time for him to go. I watched the game against Leicester and Arsenal looked terrible. They had no spirit, no hunger, nothing at all.
"People may laugh at me but I wouldn't mind seeing a former player on the bench. Is there a former Arsenal great you can call, like Thierry Henry or Patrick Vieira? Pick one: there are so many. You even have Freddie Ljungberg already in the dugout."
Vieira says that Emery should be provided with time to turn things around at the Emirates Stadium. body check tags ::