According to Kaveh Solhekol at Sky Sports, the former Arsenal midfielder is the leading candidate to take charge of the Gunners and will be given £50 million to spend in the summer transfer window if he lands the job.
Chief executive Ivan Gazidis, head of recruitment Sven Mislintat and head of football relations Raul Sanllehi will also meet on Thursday. All three men are said to be heavily involved in choosing Wenger's replacement.
Arteta spent five years at Arsenal as a player before moving to Manchester City in July 2016 as part of the coaching staff working under Pep Guardiola.
The City manager has been asked about the possibility of Arteta leaving the club and said he would stop Arteta from leaving, as shown by Goal:
However, appointing the 36-year-old would be something of a gamble by Arsenal given that he has no managerial experience.
Oliver Kay at The Times said Arteta is a surprising candidate but is well respected by both Guardiola and Tottenham Hotspur manager Mauricio Pochettino:
Oliver Kay @OliverKayTimes
Like most, been surprised to learn Arteta a front-runner for Arsenal job. But everything I hear about him as a coach is v good. Guardiola really rates him. Pochettino says he’ll be an “exceptional” coach. Would be a gamble of course, but an informed one https://t.co/fiwDz4L4s4
Miguel Delaney at The Independent explained that Arsenal would be changing the structure of the club with Arteta potentially coming in as a coach rather than a manager:
Arteta appears to have emerged as the strong favourite after another target, Juventus manager Massimiliano Allegri, said he thinks he's staying in Turin, per ITV Football:
Gazidis has said that Arsenal must be "open-minded, brave and bold" in their search for a new manager, per BBC Sport. A move for Arteta would certainly fulfill those requirements as Arsenal look to the future.
Former striker Ian Wright noted how appointing Arteta would be similar to the way Wenger joined the club, per Indy Football:
The Spaniard does appear to be edging closer to the job and he will have a big task on his hands to turn Arsenal back into title-challengers.
If he is appointed the club will also need to ensure he has the right people around him to give him the support required in his first managerial post at such a high-profile club.