The 31-year old enters the final 12 months of his contract at the Emirates Stadium this summer, and he has been linked with a move to Barcelona.
The former Borussia Dortmund man has enjoyed a impressive stint with the Gunners since joining in January 2018, netting 49 goals in 75 Premier League games.
However, Mounguengui has called on him to move on this summer, and pursue a new challenge.
“Right now, he is at Arsenal and has won nothing, which is a collective failure", he told an interview with ESPN.
“I don’t want to say that Arsenal are not ambitious, but they do not have the same ambitions as other European clubs. If Pierre could secure a contract at a more ambitious club, he would find a place there.”