Arsenal came so close to their first Premier League title since 2004 last season but an injury to William Saliba and a drop in form handed Manchester City the title on a platter.
Arsenal have since spent over £200m this summer to try and get over the line in 2023/24.
The bulk of their spending went on Declan Rice, who scored the winner vs Manchester United on Sunday.
But whilst Savage believes Rice has been a great signing, he is under the impression Arsenal will not win the league simply because of the quality of Manchester City:
“Declan Rice was really impressive against United,” he told Planet Sport Bet. “I thought it was a fantastic performance and if you look at that midfield area now with Rice, Kai Havertz who has come under some criticism but I think he will come good, and Martin Odegaard who scored their first, they look strong.
“What a player Odegaard is, I think he has been so good and he can be even better this season because he has Rice in there with him.
“The acquisition of Rice for £105m was a brilliant piece of business for Arsenal. Not only can he play a defensive role but he can drive forward and we saw it a couple of times against United where he gets the ball and drives with it through the heart of United. He can score goals, he’s a leader and he comes across as a really nice guy.
“From the outside you want players like him to do well and he’s added so much quality to the Arsenal side.
“But even with the acquisition of Declan Rice, I don’t think Arsenal can win the league, simply because of Manchester City. If City weren’t in the Premier League then I think Arsenal would win it, but unfortunately for Arsenal, they are.”