Cape Town - Arsenal are to hold talks with former midfielder Mikel Arteta on Thursday about their vacant manager’s position, according to reports.

Sky News reported that Arteta is the favourite to succeed Arsene Wenger and would have around £50 million to spend on new players this summer if he gets the job.

The Spaniard, 36, is expected to hold talks with club officials on Thursday about taking the head coach’s job, although it adds that senior players will also be involved in the selection process.

He spent five years at the Emirates as a player, making 110 appearances in all competitions before retiring in 2016.

Since then, Arteta has been working as an assistant coach at Manchester City, but Pep Guardiola has already said that he will not prevent Arteta from leaving if he is offered another job.

Arsenal are keen to appoint their new man before the start of next month’s World Cup.