The enigmatic Swede has announced he will leave Paris Saint-Germain when his contract expires at the end of the season.
Ibrahimovic has enjoyed staggering success across Europe, winning league titles with Ajax, Juventus, Inter Milan, Barcelona, AC Milan and PSG.
He is approaching 35 but is still in top form having hit 37 goals for club and country this term.
Speaking on the Alan Brazil Sports Breakfast, Merson said: “I would have him at Arsenal all day long. He is better than what they have got.
“He brings his own opinion and very rarely you see a player at Arsenal with their own opinion. And he is a winner. Everywhere he has gone he has won league trophies.
“I think he is priceless. He has that arrogance with him but he performs at the same time. He is not just arrogant and no good. I would take him, definitely.”