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Paul Merson reckons Arsenal flop Nicolas Pepe has more than HALVED in value since they signed him for £72m.

And the Gunners great, who won five major trophies with the club in his playing days, believes talk of Pepe finally living up to his potential this season is premature.

Pepe came off the bench to score and help Arsenal to a massive comeback win over top-four rivals Wolves last week.

But writing in his Daily Star column, Merson said: "Don't expect Nicolas Pepe to suddenly become an Arsenal legend - he's a £72m sub they'd bite your hand off to get rid of.

"But even though he came on and won them the game against Wolves last week, you'd be lucky to get £30m for him now.

"We've seen it too many times where he comes on and looks amazing and then he disappears again for weeks.

"It's all about consistency and he's never been able to find it. He hasn't put it together enough for me.

"I don't buy into the theory that he's suddenly going to rip it up for the rest of the season. No chance."

Pepe has only started five Premier League games this season and hadn't score a goal in the top flight since May until his strike in the win over Wolves.

And Merson reckons Arsenal have not faced enough criticism for paying such a big fee for him.

The former Aston Villa, Middlesbrough, Portsmouth and England ace said: "He is a classic example of modern-day