One manager who is already based in England and would do a good job at Arsenal is Michael Laudrup - another former player who was a world-class talent and has started proving he can be as good a manager as he was a player.
Laudrup has gained a lot of managerial experience all around Europe starting his management education at Danish side Brondby where he won a League and cup double in 2004/2005.
He then moved on to test himself in La Liga with Getafe where he spent only one year.
Next on the agenda for the Dane was Spartak Moscow, where he only stayed for 14 games which appeared to be a very knee jerk reaction from the Russian club.
Laudrup went back to Spain where he fared better with Real Mallorca - he took charged of 42 games. Unfortunately he felt the need to resign due to conflicts with the board after the sacking of Assistant Erik Larssen.
Laudrup, who is currently running things at Swansea, is a perfect fit for the Welsh club as he has carried on the impressive style of play which has won them plaudits from many fans and the media alike.
The former Juventus player is now in his second season with Swansea, and has followed his good first season and still continues to impress.
He has shown he has a very good understanding of the Global transfer market and has very similar principles to that of Arsenal - this would be a very good fit.
However, he does not have the biggest managerial reputation, such as others in this list, and that could hold him back.