According to the Daily Mail, the Gunners are set to swoop in for former Sevilla and PSG manager Unai Emery, with Arteta being appointed as his assistant.
Emery, who left PSG earlier this month after winning the French domestic treble, is on the market again and the Gunners see him as the ideal experienced figurehead to appease some fans, who saw Arteta as too inexperienced to operate as a manager.
Emery, who led Sevilla to back-to-back Europa League titles and domestic success, has had a successful spell in France with PSG despite not fairing well enough in the Champions League, being knocked out by Barcelona in the quarter finals in 2017 and by Real Madrid in the round of 16 in 2018.
The way Emery was able to bring in new players under a strict budget at Sevilla and still bring success to the Seville club is something that appeals the most to the Gunners board, as he'd likely have to replicate those efforts were he to get the top job at the Emirates.
Despite the fact funds will be tight, Emery and his second-in-command Arteta would be handed a significant boost if they were to arrive, with it also being reported (via Daily Mail) that Jack Wilshere is set to sign a new three-year contract at the north London club.
Whether it's Pep Guardiola's right hand man, Arteta, or the experienced Emery who lands the top job at the Emirates, there will be a lot of hard work ahead for either or both of them. They'd have a busy summer ahead, with reinforcements a must, and contract issues for top stars including Aaron Ramsey needing to be resolved.