The Gunners are in desperate need of a striker after they let Pierre-Emerick Aubameyang leave the club to join Barcelona for free.
Both Eddie Nketiah and Alexandre Lacazette are out of contracts by the end of this season and will eventually leave the Emirates.
In the January window, Arsenal made a bid to sign Dusan Vlahovic but the Serbian eventually joined Juventus.
Arsenal could have a go at Calvert-Lewin the summer but for now Gabriel Martinelli should start as a striker instead of Lacazette.
‘Dominic Calvert-Lewin is a perfect fit for Arsenal and they should break the bank to sign him next summer,’ Merson told the Daily Star.
‘Arsenal need a world class centre forward. They’ve just saved £25m in wages getting rid of Pierre-Emerick Aubameyang.
‘And they tried to spend big on Dusan Vlahovic so we know the money is there. They should be talking to Everton about Calvert-Lewin already.
‘Calvert-Lewin is young and hungry. He will be England’s first choice No 9 in years to come. He holds the ball up very well and he works his socks off up front.’
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