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Former Gunners midfielder Mikel Arteta, 36, is now the runaway favourite after Massimiliano Allegri revealed he would stay at Juventus.
It has been suggested Man City coach Arteta could be installed as Gunners chief as early as Tuesday.
Chief executive Ivan Gazidis is said to be a strong supporter of the Spanish midfielder.
Gazidis believes Arteta would fit perfectly into the club’s proposed new management structure – with Sven Mislintat beginning to take over transfer roles under Wenger.
Arteta has most recently been working as assistant manager to Pep Guardiola at champions Man City – picking up invaluable experience along the way.
Other names considered by Arsenal in recent weeks have been Hoffenheim’s Julian Nagelsmann and Monaco’s Leonardo Jardim.
Reports suggest any new boss will be allowed to bring his own backroom staff to the Emirates as Arsenal prepare for a massive overhaul.
That means the likes of coaches Boro Primorac, Neil Banfield, Gerry Peyton and Tony Colbert will join Wenger in leaving North London, along with physio Colin Lewin.