Arsenal have entered the January transfer window with areas within their squad to address but little money to fix them.
Cut-price deals and loans are likely to be Arsenal’s best chance of bringing new players in.
And the likes of Barcelona midfielder Denis Suarez and Gary Cahill have been linked with moves to the Emirates.
Arsenal are fifth in the Premier League table, 13 points behind leaders Liverpool.
And Deeney believes Arsenal are way behind their rivals in terms of quality and depth.
Deeney said on BBC Radio 5Live: “Football works in six-month periods between transfer windows and they are going to have to go again.
“Look at how transfer windows they are behind the big boys. They are probably six, seven or eight behind the big boys.
“That is just being realistic.
“I know people are saying it is a massive Cut-price-pricebut that’s only on what they had last year.
“But they are still behind the likes of Man City and Man Utd, not just in spending but in the quality they have brought in.”
Deeney did go on to praise Arsenal saying: “Everyone knows me and Arsenal don’t get on too well.
“But I think there has a steeliness that has been brought in and there are goals throughout the team.
“They have different styles of play now and can play with the two boys up front that are always going to score goals and give you something to build on.”
👋 Welcome back to training, Dinos Mavropanos
What a strike 💥 pic.twitter.com/eSNoPNheNA
— Arsenal (@Arsenal) January 3, 2019
Despite, Deeney’s comments, Emery confirmed the club are working to improve the team in the transfer window.
“It’s not easy, changing and improving our team in the transfer market,” Emery said.
“But the club is working, we are watching different possibilities because maybe we can, if the transfer market gives us opportunities, sign one or two players. But it’s not easy.”