Jenkinson was linked with a move to Crystal Palace during January, but a deal couldn’t be agreed.
While Debuchy has fallen down the pecking order at Arsenal, and has made just one appearance this season.
Charlie Nicholas believes Carl Jenkinson and Mathieu Debuchy should have been sold by Arsenal
And Nicholas believes Arsene Wenger should have cashed in on the two defenders during the transfer window to free up funds for Mesut Ozil and Alexis Sanchez’s new contracts.
Sanchez and Ozil’s current deals run out at the end of next season, and the duo are currently in talks over new contracts.
“Should they have done more? Yes,” Nicholas told Sky Sports.
Alexis Sanchez looks absolutely distraught after Arsenal's defeat to Watford
Tue, January 31, 2017
Alexis Sanchez looked absolutely distraught after Arsenal's defeat to Watford
1 of 7
Arsenal lost 2-1 to Watford on Tuesday
Mesut Ozil and Alexis Sanchez are out of contract in 18 months
“The loans all make sense but I'd have liked to have seen a couple of sales – Carl Jenkinson, Mathieu Debuchy, for example.
“That money could have gone towards what for me would have been two of the biggest deals this window: new contracts for Alexis Sanchez and Mesut Ozil.
“The greatest statement Arsenal could have made would have been to retain those two players and I'm disappointed they haven’t.