Arsenal have lost 3-0 to Manchester City in the League Cup final and Premier League in the past week, piling pressure on boss Arsene Wenger.
"The way they didn't turn up in the final was disappointing," said Seaman, who defended the Arsenal manager. "Arsene is copping for all this criticism, from what I saw last Sunday at the League Cup final, I couldn't believe that it was an Arsenal side playing."
"We know that sometimes when you go out on to the pitch things don't go right but at least you can show willing and I'm afraid a few of the players didn't look like that," the former goalkeeper added.
"If Arsene wins the Europa League then maybe he will see out his contract but, if not, then the board have got to make a decision. People say Arsene runs the club but it's not that. It's business and the board will run the club and make that decision."
"I think he will see his contract out. Arsene is a very stubborn gentleman."