Brady, who made 235 appearances for the Gunners and worked as Head of Youth Development for 18 years, feels the club have had a 'very positive' season so far despite being 13 points behind champions elect Chelsea.
He told talkSPORT: "The club is in a much, much better position to challenge for the title.
"We have paid for our stadium. That took a lot of power away from the club to compete [in the transfer market] with the likes of Chelsea, Manchester City and Manchester United and I think we are in a much better place to do so now.
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Arsenal have won eight of their last nine Premier League matches
"We have closed the gap - that has showed this season.
"I am very much looking forward to next season. I think this season has been very positive."
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