Harold Peel joined Arsenal from Bradford for £1,750 in December 1926.
The attacker, who could also play as an inside or outside left, made his debut in a 2-0 defeat to Cardiff in the same month.
Peel made 52 starts in his three years at Highbury and scored six times.
He re-signed for Bradford for £1,125 in December 1929 and appeared regularly in his seven years at the club.