Arsene Wenger has been tracking 21-year-old all summer and confirmed interest in him and Monaco team-mate Kylian Mbappe last week.
Lemar is attracting interest across Europe after notching 14 goals and 14 assists from the Ligue 1 champions last season, and Pires was effusive with praise.
«I love him as a player,» Pires told Sky Sports.
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«For me, Thomas Lemar is one of the best French players there is. He can play on the left, he can play on the right, he can score goals and he can make assists.
«Lemar is the kind of player who can make a difference. He has the right profile to play for Arsenal, definitely. I hope for him and for Arsenal that it happens.»
Lemar made his senior debut for France in November last year and has since added a further four appearances.