Arteta has emerged as the overwhelming favourite to take over from his former boss, despite having never managed before, serving as Pep Guardiolas assistant at Manchester City since hanging up his playing boots two years ago.
Wenger brought Arteta to the north London club in the summer of 2011 from Everton and believes the Spainiards intimate knowledge of Arsenals traditions and values would stand him in good stead were he to be appointed.
He has all the qualities to do the job and I have seen as well he is one of the favourites, Wenger told beIN Sports.
He was a leader, has a good passion for the game and he knows the club well, knows what is important at the club. He was captain of the club so why not?
Wenger insists Artetas lack of experience should not count against him and believes he should build his backroom team around Steve Bould and Jens Lehmann who are reported to have been offered roles in the new set-up.
The likes of Boro Primorac, Neil Banfield, Gerry Peyton and Colin Lewin, long-serving members of Wengers staff, have all been let go this week but is hopeful two of his former charges will be retained.
I left a lot of experience behind me, Wenger added. People who were with me like Steve Bould for six years, Jens Lehmann as well. Unfortunately some other staff have left.
As well he [Arteta] has been the assistant of Guardiola.
I dont want to influence that [decision] publicly. It is important they make that choice in an objective way and after that I will support him.
More: Arsenal FC