Toney is currently serving his eight-month ban for breaching The FA's betting regulations. He made a comeback in a friendly against Italian side Como this week and scored.
He is allowed to train with the Brentford first team but cannot play again until mid-January next year. Arsenal are eyeing up the possibility of adding the 27-year-old to their strikeforce.
Toney scored 32 goals in Brentford's first two seasons in the Premier League and earned a first cap for the senior England side. Pennant is in no doubt that Toney would excel if given the chance to move to a club like Arsenal.
He told Lucky Block: "I've said a few times that Toney would be a great signing for Arsenal. He'd be a newer, better Ian Wright! It would be a walk in the park for him and he'd boost Arsenal."
Toney would have to go some to be better than Wright. He remains Arsenal's second-leading goalscorer of all time with 185 goals, winning the Premier League and two FA Cups during his seven-year stay in north London.
Pennant also believes there will be movement at Napoli, with the potential of Victor Osimhen leaving in January. He claims Arsenal should be in the race for the Nigeria star if he becomes available.
Pennant added: "If that doesn't happen, though, then keep in mind that there's a lot of noise coming out of Napoli regarding Osimhen. If he came to Arsenal, then you have to start to talk about them being massive contenders to City.
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