The Rossoneri are reported to be mulling over another managerial change as Gennaro Gattuso struggles to generate the performances and results required of him.
If he were to be shown the door, then various experienced figures are believed to be lining up behind him.
Wenger, who remains without a club after bringing a 22-year spell at Arsenal to a close over the summer, is among those reported to be in the Milan frame.
The iconic Frenchman has also been linked with roles at Real Madrid and Bayern Munich, but Flamini feels he would be a perfect fit at San Siro.
The ex-Milan midfielder, who worked under Wenger during two spells at Arsenal, told ESPN: "I'm very close to Arsene, it's been very inspiring for me to work with him. So I think he would be great for AC Milan.
"Even if they already have a great manager in Gattuso, who I played with.
"But Arsene, I worked with him for many years. I don't need to tell you he's an incredible manager. He proved it for many years. If he goes to AC Milan, I'm sure he'd do a great job."
"Arsene has a huge amount of experience, and he's very smart," he added.
"So he's someone who will be able to adapt to any type of football.
"And it would be an incredible ad for Italian football to have him there. And maybe he'll create a new style, who knows? He's done a lot for English football, coming here and creating this new football based on technique and short passes. So why not do that in Italy?"
While backing Wenger to make an imminent return to the dugout, Flamini is hoping that he will soon be back in football himself, with the 34-year-old currently a free agent after departing Spanish side Getafe.
He said of his future: "I'm still very young. I'm still feeling good; I'm training every day.
"Because that's my passion, that's what I love the most is playing football. Everything is possible, we'll see what happens in the future. I haven't turned the page yet."