Pires who was part of Arsene Wenger's 'Invincibles' squad is widely regarded as a legend at the Gunners after scoring 62 goals in 189 games over six years; and feels the latest France international should consider moving to the Emirates Stadium.
The former France international claims Wenger is the right manager to help the 18-year-old fulfill his undoubted potential.
"Mbappe has the potential to play for Arsenal and Wenger is the right manager to manage him," he told Bwin. "Monaco and Arsenal are very similar clubs, so it won't be much of a transition.
"I do think Arsenal will sign him. The problem is how much."
However, the 43-year-old claims it's premature to begin comparisons with his former teammate and Les Blues legend, Thierry Henry.
"The comparison is unnecessary, he's not ready to be compared to Thierry. Mbappe is a very similar player but to compare the two players would be unfair.
"I hope that Kylian can follow in the footsteps of Thierry Henry, he has the same profile as Thierry -- quick, strong and a great finisher -- but he's very young so I would hold off on comparisons just yet."
The 18-year-old Mbappe has scored 23 goals and registered 11 assists in 37 games across all competitions this season.