The Gunners are on the lookout for a new manager after Arsene Wenger stood down as head coach at the end of the 2017-18 Premier League season.
Arsenal have been linked with former FC Barcelona head coach Luis Enrique and ex-Borussia Dortmund head coach Thomas Tuchel.
The north London side were also thought to be considering Thierry Henry and Patrick Vieira as replacements for Wenger.
The Gunners are now rumoured to be ready to appoint former Arsenal captain Arteta as their new head coach.
The retired Spanish midfielder has been working as Pep Guardiola’s coach at Manchester City over the past two seasons.
Sky Sports News reporter Solhekol has taken to Twitter to shed light on Arsenal’s pursuit of Arteta.
Solhekol told Twitter: “Mikel Arteta now favourite to become Arsenal manager. Chief exec Ivan Gazidis wants new manager to:
1. Keep playing progressive football.
2. Embody & reflect the values of the club.
3. Take keen interest in developing young players.
Arteta ticks all those boxes.”
Arsenal have won the FA Cup in three of the past five seasons under Wenger.
The Gunners signed Borussia Dortmund striker Pierre-Emerick Aubameyang and Manchester United playmaker Henrikh Mkhitaryan.
The north London outfit haven’t won the Premier League title since 2003-04 and have missed out on a top-four finish in the past two seasons.
Arsenal haven’t reached the Champions League quarter-finals since 2010.
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