It was reported in February that Guardiola, who will take charge of the North-West outfit in the summer when he leaves Bayern Munich, was keen on including Arteta in his backroom team.
The midfielder remains on Arsenal's books, and although there have been suggestions that he could stay on as a coach at the Emirates, Wenger has now admitted that a switch to City could be on the cards.
When asked by reporters if Arteta could join Guardiola at the Etihad Stadium, Wenger said: "It's possible. He is able to inform you much better than I."
Arteta, who joined Arsenal from Everton in 2011, has worked with the club's academy on a number of occasions during injury spells.