The Manchester City coach, 36, coach is set to be named new Gunners chief in the coming days after agreeing a deal in principle with the club, say Goal.
Arteta's arrival is set to spark a massive backroom staff overhaul as Arsenal embark on a brave new era.
The former Gunners midfielder has been the runaway favourite after Massimiliano Allegri revealed he would stay at Juventus for at least one more season.
In fact, betting has been suspended at a number of bookmakers after a flurry of flutters on Arteta.
It has been suggested Man City coach Arteta could be installed as Gunners chief as early as next week.
Chief executive Ivan Gazidis is said to be a strong supporter of the City coach, fitting perfectly into the club's proposed new management structure.
In that scenario, Sven Mislintat would continue his role taking the lead on transfer activity, as he began to under Wenger.
MIK A SHOE-IN Arsenal next manager betting suspended by bookmakers after flurry of bets on Mikel Arteta
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.
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