Murphy believes Manchester City could finish ahead of the Gunners in the Premier League this season.
He told The Sun: “I played against Vieira, Petit, Henry, Overmars and Bergkamp, a different kettle of fish.
“I do respect them now and they can turn us over if they play well and we don’t.
“But they were simply better quality in years gone by. I can’t remember a weak link in that team. They were solid at back, big, strong lads, all good athletes in that team.
“They were all established internationals, not one of them was ‘potential’.
“There’s a difference between having established internationals in your team and having players who are on the way up.
“Arsenal have wonderful players but will they be better than Manchester United or Chelsea this season, or even Liverpool? I don’t think so.
“Even with Manchester City it’ll be close. They have bought really well and taken two of Arsenal’s best players for a start, haven’t they?
“If City keep everyone fit then their best 11 can break into the top four.”