Petr Cech's expected arrival at the Emirates Stadium would take Arsenal another step closer to the Premier League title, according to Bob Wilson.
The Gunners appear to be close to signing the veteran goalkeeper, although there has as yet been no official announcement from either club and on Monday night Cech's representatives played down suggestions an £11 million deal had been finalised.
The Czech Republic shot-stopper would prefer to keep his family in London as he seeks a move in search of regular football.
Chelsea manager Jose Mourinho has said he would like to keep the player, while captain John Terry admitted a move to Arsenal could be worth as much as 15 points in the title race.
Wilson, part of Arsenal's double-winning team from 1970-71 and a former goalkeeper coach at Highbury, is confident should his old club push through with the deal then it could signal a sustained title challenge.
Speaking to BBC Radio Five Live, Wilson said: "I think it is an amazing signing. It's another step towards the title.
"Arsenal are very close to having a squad that almost matches Chelsea, almost matches Manchester City. I think everybody knows Arsenal are minimum two, maybe three, good signings to really challenge Chelsea.
"We didn't know what we were getting with Alexis Sanchez, that he was this world class player, but we certainly know what we are getting with Petr Cech and what he can bring to the side.
"So, he's 33 now, he still has five or six seasons of greatness in him and he is going to give Arsenal that assurance at the back that they really need.
"When a side wins the league it starts with the man at the back and usually when a side wins the league the goalkeeper usually has an amazing season.
"I am not saying he's the best keeper in the world as of this moment, but for him it is a marvellous move.
"You know, people will look at the two who are there -- Wojciech Szczesny and David Ospina -- and the point really is that if you can improve your team in any way you'd be fools not to do it."
Cech's arrival may mean Colombia international Ospina is set for a move away after just one season in North London, with Fenerbahce reported to be ready to offer him an exit strategy following the Copa America.