Campbell believes Walker-Peters will be a real threat if he joins Arsenal this summer, adding that he is a good player.
Walker-Peters, who is rated £30 million, has spent the last two seasons with Southampton, having joined them on a £12 million deal back in 2020.
The Englishman has impressed across both campaigns and has attracted interest from some top clubs this summer.
“I have watched him play and he’s done really well at Southampton. He got a few opportunities at Spurs, but we didn’t really see the best of him,” Campbell told Football Insider.
“But now he’s playing week-in, week-out – he looks like a really good addition to that Southampton squad.
“He can play left or right, he’s a good attacker and a good passer – he’s a real threat going forward. £30m is cheap money for an England international. He would have to put his Spurs ties aside to come and join Arsenal – but he’s a very good player.”