The Gunners had initially planned to name a new manager before the World Cup, but the announcement could now come earlier than scheduled, with Arteta set to make his first strides into management.
Press Association Sport understands a number of Arsenal's backroom staff have followed Wenger in leaving as the club prepare for life beyond the Frenchman.
So prospective manager Arteta is eager for his compatriot to take up a coaching role with the club, joining the likes of Jens Lehmann and Per Mertesacker as ex-players who have returned to Arsenal behind the scenes.
The midfielder is a fans favourite at the Emirates Stadium and has scored 29 goals in 189 appearances for the Gunners.
GETTYMikel Arteta has emerged as the top candidate for the job
Regardless, Pires believes his former teammate remains the ideal candidate to step into Wenger's shoes.
"I have seen the shortlist: Allegri, Carlo Ancelotti, Mikel Arteta - why not?" I think all of them could manage Arsenal.
Just not in England which seems to rule out a swift return to the Premier League.
"He is doing very well with New York City, and he told me the job is very hard and difficult".
Although CEO Ivan Gazidis wants to complete a thorough process in the search for Arsene Wenger's successor, no candidate ticks the boxes like the 36-year-old does.