Arsene Wenger is out of contract in the summer
Wenger is out of contract in the summer and has come under fire in recent weeks with another title challenge appearing all but over.
The Frenchman, who has been at the north London club since 1996, has not won the Premier League since the 2003/04 season.
And Keown, who was part of the famous Invincibles side 13 years ago, believes Arsenal are not prepared to replace Wenger just yet.
Martin Keown says Arsenal not ready to replace Arsene Wenger
“What he has to decide now is, has he come to the end of the road in terms of his managerial qualities that he’s got to offer,” Keown told BBC Sport.
“I do feel that if he were to go now, and without a succession plan for management from the club, it will be too soon.
“I don’t think the board are ready yet, or the club ready, for him to leave. There’s a lot of thinking that needs to be done at high level.
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“Yes, that end is coming but maybe another contract of one year or two years.
"And he, Wenger, should be made to be a part of the manager that comes in – somebody in the same mould.”
Arsenal sit third in the Premier League standings after yesterday's 2-0 win over Hull, trailing table-toppers Chelsea by 10 points.