Despite his lack of managerial experience, Arteta has emerged as the new frontrunner to succeed Wenger, who officially stepped down as Gunners boss this week after 22 years in the job.
Wenger has indicated that he would be happy for the Spaniard to take on the high-profile position, telling beIN Sports: "He has all the qualities to do the job, yes and I think as well he is one of the favourites.
"He was a leader, and he has a good passion for the game and he knows the club well, he knows what is important at the club and he was captain of the club. Why Not?
"I left a lot of experience behind me, people who were with me like Steve Bould who has six years experience, and Jens Lehmann too. He has been an assistant of Guardiola as well, so overall I think he has the qualities."
Whoever takes over at the Emirates Stadium will reportedly be given a £200m budget to work with in their first summer at the helm.