Ancelotti was sacked on Tuesday by Napoli despite guiding them into the Champions League round of 16 following a 4-0 win against Genk.
Napoli have not won in Serie A since October 19th and are currently seventh hence Ancelotti’s sack.
But that does not put Parlour off bringing the former Chelsea boss to Arsenal.
Speaking on talkSPORT, Parlour said: “You can’t knock his record. I think they need a bit of experience to shake this squad up and try and get them defending better as a team and get them organized.
“He’s available and he knows the Premier League very well. Sometimes you’ve got to move quickly with managers.”
Ancelotti has an extensive trophy cabinet as a manager, prompting Parlour to make comparisons between him and Tottenham Hotspur manager Jose Mourinho.
“He’s a bit like Mourinho; the trophies he’s won, 20 trophies!
“Obviously he’s been at big clubs and has had the opportunity to play in big tournaments and have good players, but he’s still got to manage big players and he’s done that so well over the years.
“That’s why you say he could be the right man for Arsenal.”
Arsenal’s search for a new manager continues, with Freddie Ljungberg acting as interim coach following the dismissal of Unai Emery in November.
Many bookmakers now see Ancelotti as the favourite to take over from the Swede, while the heavily-linked Massimiliano Allegri has dropped away.
Allegri had a two-year stint at Arsenal’s London neighbours Chelsea when he joined them from AC milan.
In his first season at Chelsea in the 2009/2010 season, Ancelotti won both the Premier League and FA Cup.
Other top European clubs he managed include Real Madrid and Bayern Munich where he won major trophies.
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