Arsenal star Alex Iwobi emotional after Arsene Wenger's last game

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It is understood the new manager will be able to bring in his own backroom staff.

The 22-year-old has made a total of 26 appearances for Arsenal in the league this season and will now shift his focus to the Super Eagles at the 2018 FIFA World Cup.

City boss Pep Guardiola has also said he would not stand in the way of Arteta becoming the next Gunners boss.

Betway's Alan Alger said: "After heightened betting activity this morning, running in line with reports that a deal is close, we've been forced to suspend betting on Mikel Arteta taking over as the Arsenal manager".

Wenger who ended his tenure at Arsenal with a 1-0 victory over Huddersfield Town on Sunday, will now commence his job search after indicating no desire to retire from football. "He gave a lot to the club and really loves Arsenal, so he would do it well".

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He is seen as the heir apparent to his father's sports empire which also includes the NFL's Los Angeles Rams and the NHL's Colarado Avalanche.

The former Arsenal midfielder, who is now a coach at Man City under Pep Guardiola, has emerged as the favourite to get the job.

The Gunners finished sixth in the final Premier League standings which was the worst in the tenure of the Frenchman.

Former Arsenal midfielder Mikel Arteta, an assistant to Manchester City boss Pep Guardiola, is now the odds-on favourite with British bookmakers to replace Wenger. "As I said in my speech on the pitch after the Burnley game, I'm a fan above all".

McVay accepted a five-year contract 12 days short of his 31st birthday in January 2017 to become the youngest coach in National Football League history. But this time, the Gunners will need more than a human adventure.

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