Wenger, who has left Arsenal after 22 years at the club, faced calls to be sacked from a section of the club's fans on a number of occasions during the final years of his tenure.
The Spaniard and his representatives, on Tuesday, held advanced negotiations with Arsenal's hierarchy and are at a stage where backroom staff and financial packages are being discussed.
According to MailOnline Sport, Arteta is now the preferred candidate of chief executive Ivan Gazidis and director Josh Kroenke, with the players having been told of his impending appointment.
Luis Enrique, on sabbatical since leaving Barcelona in 2017, is another of the names said to be in the frame, with Juventus coach Massimiliano Allegri confirming his intention to stay with the Serie A champion.
"There's maybe a small advantage for Allegri and Ancelotti as they both have a lot of experience in Italy, Germany and England". Not just because he's my friend.
GETTYMikel Arteta is the favourite for the Arsenal job
Arteta is reportedly fully aware of Arsenal's interest, and will accept the opportunity if the club offers it to him.
The former midfielder is now the head coach at New York City FC and he has been tipped for a big future in management.
Pires believes Vieira remains the ideal candidate to step into Wenger's shoes at the Emirates club.
Yet Pires, who scored 83 goals during a glittering six-year stint in north London, admits he found it a "difficult day".
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Macy's shares jump as sales growth beats estimates
Net cash used by financing activities in the first quarter of 2018 was $99 million, contrast with $273 million previous year . Apart From this, the company estimates that comparable sales were up 1.7 percent on an owned plus licensed basis.