The Gunners are just one of the top clubs across Europe tracking his signature.
And Pires, who spent six years with Arsenal, has given the green light for his former club to sign his fellow Frenchman.
He told bwin: "Thomas Lemar will leave Monaco after the World Cup this summer.
“I think he needs a new challenge and would love to experience a new country.
“Arsenal were of course interested last year but I don’t know if that’s still the case now that Arsene Wenger will no longer be manager. He would be suited to the Premier League.”
Liverpool are set to rival Arsenal for the 22-year-old who is valued around £60million.
Lemar, who has scored twice and assisted eight this season, has a contract until 2020 but has rejected the chance to extend his current deal.
And when quizzed on his future in March he revealed: "I've kept working so that these clubs come back during the next transfer window. I am open to all offers, I am a football player. I do not close any door."
Monaco had a mass exodus in the last year, where Kylian Mbappe, Benjamin Mendy and Bernardo Silva all left, so they remained determined to keep hold of Lemar for another season.
The Ligue 1 side will now hope he has a successful World Cup which will see his asking price rise.
He has made 10 caps for France and is a certainty to make the squad in Russia.
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