The 36-year-old is currently an assistant coach at Manchester City and is just 1/3 (1.33) with bet365 to be the Gunners next manager on a permanent basis. That's a price that has been backed in from 9/4 (3.25) overnight as the hunt looks to be coming to an end for the North London club.
Arteta was as big as 25/1 (26.0) with the same firm on May 6 but has gradually emerged as the leading contender to take on the role.
The market was initially led by Luis Enrique (now 33/1), Carlo Ancelotti (now 18/1) and Massimiliano Allegri (now 8/1), but it appears that the Gunners are not fazed by Arteta's lack of managerial experience after Wenger's 22-year stint came to an end at the weekend.
The Spaniard spent five years at the Emirates Stadium before retirement and has been as assistant to Pep Guardiola at Manchester City since then. The City boss has spoken about Arteta in glowing terms of late and it seems that the stage is set for him to start his own managerial career on one of the biggest stages possible.
The bookmakers certainly don't see Arsenal as legitimate title challengers next term regardless of who they appoint as Wenger’s replacement, though.
bet365 are currently an industry-best price of 25/1 (26.0) about the Gunners claiming a first top-flight title since 2004. City are currently 4/6 (1.67) to defend their crown having broken records for points, wins and goals scored in the current campaign. Liverpool are deemed the nearest challengers at 5/1 (6.0) ahead of Manchester United, who are available at 6/1 (7.0).