Arteta's side have dropped points at home to both Fulham and north London rivals Tottenham. Eddie Nketiah has just one goal in five starts this term, with his other strike coming as a substitute, while Gabriel Jesus also has just one goal to his name.
Toney is currently serving his eight-month suspension for breaches of The FA's betting rules. He is back training with Brentford and can play again on January 16 of next year.
Morgan believes a striker is a necessity for Arsenal. And he reckons Toney would be a perfect candidate for the role.
He told talkSPORT: "I think that in January we have to go and get Ivan Toney or someone like him because we need a proper striker. Every Arsenal fan knows this and I think we’ve been kidding ourselves for too long that we can exist without one and the truth is that we can’t."
Arsenal spent over £210million on new signings in the summer. Kai Havertz has had a tough start to life at the Emirates following his £65m move from London rivals Chelsea.
Morgan joked Arsenal should sell the German in order to raise funds for a striker. He cannot understand why Gunners chiefs did not attempt to buy a forward with the money they spent on Havertz.
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