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The Gunners ended 2023 in disappointing fashion after a 2-1 defeat against Fulham at Craven Cottage on Sunday.
It was the second defeat in three days for Mikel Arteta’s side, who are now 4th having been top at Christmas.
Arsenal’s struggles in front of goal have been laid bare in December and Gabriel Jesus was dropped for Eddie Nketiah for the trip to west London.
Arteta wants to enter the market for a new centre forward this month, but Arsenal are walking a financial fair play tightrope.
Nevertheless, Merson says it’s ‘simple’ and that the Gunners must go out and sign Toney.
‘Arsenal have to go and get Toney, simple!’ said Merson.
‘It’s not over yet.’
Toney is set to return to action this month when his eight-month ban for gambling offences ends.
Brentford are minded to cash in on the striker but they want £100m.
Chelsea are Arsenal’s main competitors for the striker’s signature.
MORE : Manchester City and England star Jack Grealish breaks silence on ‘traumatic’ home burglary
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