Former Gunners striker Smith told Sky Sports on a big-money addition following a disjointed display in a 2-1 defeat at Brighton: "He looked a shadow of the player he was at Dortmund".
At the Amex Stadium on Sunday, no player gave away the ball more often than Mkhitaryan and his dwindling influence on Arsenal's play was epitomised by Wenger's decision to withdraw him with seven minutes left, to be replaced by a fullback. "I am not sitting on the fence, I can never say that". "It is not the first time I have lost so many games in row".
After weeks of speculation towards the end of last season, Wenger signed a fresh two-year contract, but recent results have prompted some to suggest he should end his long association before that expiry date arrives.
Defeat intensified the pressure upon the under-fire Wenger and the travelling Arsenal fans let their feelings be known as banners were unfurled calling for his departure and chants to the same effect heard in ever increasing volume.
The recalled Alex Iwobi then played Arsenal into trouble, smashing a clearance straight at Anthony Knockaert, who should have scored after exchanging passes with Pascal Gross. Arsenal have conceded 41 goals so far.
Instead, Arsenal betrayed the defensive frailties that have been a feature of their campaign and allowed Brighton to take control.
Arsenal improved in the second half, but were lucky to finish the game with 11 men.
Defeated again, Wenger still insisted that he was the right man to bring the Gunners out of their worst malaise since the 1990s.
The belief is that Arsenal will only look to entertain bids from around £45million and above for the talented defender who may decide that the time has to come for a new challenge to kickstart his career.
But they would halve the arrears before heading in for the break, Iwobi capitalising on some uncertain Brighton defending and passing to Granit Xhaka, whose pass was turned home by Aubameyang. It's not good enough.
Laurent Koscielny has pleaded for Arsenal to "stay united" after the north Londoners suffered their fourth consecutive defeat across all competitions on Sunday. "We are too far behind", said Wenger, stating the obvious, when asked about Arsenal's chances of getting into the top four by the end of season.
It's not a great time to be an Arsenal fan.