Arsenal defeated Valencia 7-3 on aggregate to book their place against London rivals, Chelsea, in the finals in Baku.
Pierre-Emerick Aubameyang netted a hat-trick, while Alexandre Lacazette scored one to put the Gunners in control.
But Petit said Ozil looked like a ghost during the match in Spain.
He, however, urged the manager, Unai Emery to sell the midfielder this summer.
“There are so many players at Arsenal who need to leave the club this summer,” Petit told Paddy Power.
“It’s been too long since we’ve seen them compete for the title, and the only way they’ll do it is with an improved squad.
“But, they must continue with Emery, he is not the issue. The fact he reached a European final is big, as is the fact he’s done it with most of the players who are leftovers from the management of Arsene Wenger. The board just need to give him the power; he can’t continue next season with the same group of players.
“For example, what is going on with Mesut Ozil? He looks like a dead player on the pitch, a ghost. He’s lost in translation. It’s time now for Emery to turn the page.”