There is no vacancy with the Bundesliga giants at present, but Niko Kovac has found himself falling under mounting pressure just a few months into his tenure.
It has been suggested that Bayern will turn to Wenger’s considerable experience if a change is made, with the Frenchman still out of work after bringing a 22-year Arsenal reign to a close.
Petit believes an appointment for a man he worked under in north London is imminent, with it considered unlikely that an iconic coach will shun another managerial role and head into a directorial post instead.
Asked if Wenger is going to retire, former Gunners midfielder Petit told The Sun: “No. He is going to manage soon. Yes, soon.
“I had a conversation three weeks ago when I was in Dubai. He was with a friend of mine.
“There are big rumours in France about him taking over as Bayern Munich manager.
“Some of them said he is going to go to Madrid, I don't believe in it. Some of them said there is big things at Paris Saint-Germain as a sporting director.
“You've got big names there. Can you imagine if you put Arsene Wenger there? I don't believe in it.
“I still believe Arsene is passionate about the field, working with the players. This is something really important for him.
“It's vital, so I don't see him working in the offices. He could, he has the knowledge and the intelligence to do that. He still has experience to give on the pitch.”
Petit feels Wenger still has plenty of offer the world of coaching, with important lessons taken from the way his spell at Arsenal ended even at the age of 68.
“What happened with Arsenal gave him a big kick up the a**e,” added the 1998 World Cup winner.
“It was meant to be. It was even a bit too late but I think that was good for him. Now he does not have the security and he has had to take a step back.
“He has to think 'what was missing, did I do everything right?' Just like a player after a game. I know him very well and he has done that.
“I'm sure he knows exactly what was wrong. Even when he is almost 70 years old that will serve him as an experience.
“They needed a change. Even Arsene knows it. He knows that after 20 years at the same club and frustrating years.
“It's like living with your wife after a while things are not the same way. It was like a divorce, but it was meant to be.”