The Gunners are hoping to end their run of three consecutive seasons being runners-up in the Premier League by emerging victorious, but Shearer and Lineker think Arsenal will “fall short” of victory once again.
Speaking on The Rest Is Football podcast, Shearer, 54, said: “I think they’ll challenge, I just think they may fall short again.
“I like all of their signings. I think that’s exactly what they needed. And I still don’t think they may be finished yet in terms of bringing players in and certainly players going out.
“I’ve definitely got them in Champions League but I just don’t see them having enough to win the title. Just fall short.”
Arsenal have so far signed six new players during the summer transfer window - including striker Viktor Gyokeres - which Michah Richards, 37, thinks will be “massive” for the club.
He said: “Bringing in Gyokeres now for Arsenal is massive … because of his movement that we talk about with strikers all the time.
“I still don’t know if it’s enough to get them over the line. I still don’t know. I think one or two injuries and they’re back to the same as last season.
“So I’m going to say challenging but not champions.”
While Arsenal have brought on some new faces for the coming season, Liverpool have also strengthened their own side, signing the likes of Bayer Leverkusen’s Florian Wirtz.
Lineker, 64, agreed with Shearer and Richards’ comments and admitted Arsenal’s signings won’t be enough for the Gunners to win the Premier League in the coming season.
The former Tottenham Hotspur star said: “I think I concur with both of you on that front.
“I probably wouldn’t have said that if it wasn’t that Liverpool have strengthened so well.
“A lot too will depend on how Gyokeres does. I mean he scored a terrific goal in pre‑season but we all know pre‑season is not that important.
“Although, it is for a striker in terms of that feeling of hitting the back of the net. So I think a lot will depend on him but we know he’ll get good service. I think they could go close again but I’m going to agree.”
