Saka has come through the Arsenal youth ranks to become one of the club's most vital players.
The 21-year-old is one of Arsenal's leading men in their quest to land the Premier League title this term, scoring 12 top flight goals and providing 10 assists.
But Saka is only tied to Arsenal until the summer of 2024 although discussions are ongoing regarding an extension.
Toure, who was part of the last Gunners side to win the title in 2004, wants Arsenal to give Saka a ten-year extension.
Arsenal have in the past failed to keep hold of their most prized assets, losing the likes of Cesc Fabregas, Thierry Henry, Samir Nasri and Toure himself to bigger sides.
"One thing I have to say - my advice to Arsenal is for Bukayo Saka to sign for 10 years!", Toure told Sky Sports.
"One mistake that Arsenal made down the years, they had key players that loved the club and they let them go.
"You must keep those players because these players are the players that are going to lead the team for you.
"These are the players you can rely on; these are the players that when it's tough they will put their bodies on the line because they love the club.
"You have two types of players, players that love the club and players who just come and go. You need players who love the club because these are players who are going to fight with their heart."
