Arsenal and manager Mikel Arteta have been hammered by Keown's peers in the media for the way the team's Premier League title challenge has collapsed.
But with the Gunners still alive in the Champions League, as they host PSV tonight leading 7-1 on aggregate, Keown told talkSPORT: "I know that the Arsenal boys haven't won a Premier League, but I can certainly see some really good players in there.
"The defence, the goalkeeper was magnificent (against Manchester United in Saturday's 1-1 draw), he goes from strength to strength, I don't see a problem with the back four or the midfield.
"OK, the top of the team now is where the money will have to be spent, a new director of football is coming, so that's where he will actively go into the market and sort that area out because it needs sorting out.
"But I don't think it's that desperate when we start to get people back from injury, the most important thing is the players to keep believing that they can turn things around."
On their failed title challenge, Keown insists: "I don't think they're making excuses (for not winning title this season), I think these are facts when you've got that many players (out injured).
"I don't want to sound like (Rafael) Benitez, but these are facts that they've got all these players injured.
"So you know, you're having to play a front three at the moment that's not necessarily your first choice.
"Nobody could have foreseen that, you can't plan for that, how many players do you need for goodness sake?
"But yes, I think we could see that fox-in-the-box type striker (be signed in next transfer window).
"Maybe somebody with a bit more pace, somebody who can beat a couple of players and score goals.
"You're talking like an Henry or an Ian Wight here aren't you?
"They don't come along ten a penny, so yes, get a player in that area - and really you want to go into all areas.
"Where are the free transfers? Where are the young players? There is some obvious talent out there.
"Bu the new director of football will go to work - and recruitment now is massive at every football club."