Julian Nagelsmann, who has excelled in charge of German club Hoffenheim, is another leading contender.
Arsenal have not won the Premier League title since their famous unbeaten triumph in the 2003-04 campaign and the Gunners have struggled to challenge for the top-flight trophy in recent seasons.
His name is synonymous with Arsenal, and his personality and sporting "philosophy" permeated every level of the club, from boardroom to boot locker.
Although Arteta has emerged as the front-runner and is reportedly the preferred choice of chief executive Ivan Gazidis, the likes of former Chelsea boss Carlo Ancelotti, New York City head coach Vieira and Massimiliano Allegri of Juventus continue to be linked with the job.
Mikel Arteta is now the assistant coach at Manchester City under Pep Guardiola.
Arsenal Football Club find themselves in a position they've not been in since 1996 - looking for a new manager, following the resignation of longtime steward Arsene Wenger at the end of another disappointing campaign in the 2017-2018 season.
The 36-year-old is keen on compatriot Cazorla being a part of his backroom staff in a player-coach capacity should he be named manager of the Gunners.
"He has all the qualities to do the job and I've seen as well that he is one of the favourites", Wenger told BeIN Sports.
The 36-year-old, who played with Arsenal for five seasons, is now Pep Guardiola's assistant manager at Manchester City and has fulfilled that role for the last two seasons.
Wenger said of Ronaldo: 'He was here with his mother and we were very close. But they didn't ask me, so that takes the weight away from me.
The Frenchman said:"I left a lot of experience behind me, people who were with me like Steve Bould who has six years' experience, and Jens Lehmann too".
Wenger's own future remains uncertain as he contemplates his next move but he did advise Arsenal before he left that they should get their new man in place well ahead of this summer's World Cup.