The Gunners were dumped out of the Champions League and FA Cup last month and look set for another trophyless campaign, with Leicester City and Tottenham Hotspur currently vying for the Premier League title.
Whilst the temptation to appoint Mourinho as Wenger's successor is understandable, those in the power positions at Arsenal should instead attempt to land Pellegrini, who will be making way for Pep Guardiola at the Etihad this summer.
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Though nothing official has yet leaked, speculation is rife that Wenger could end his 20-year spell in north London following the Gunners' capitulation this year.
Back-to-back successes in the FA Cup have papered over the club's many issues, with their reliance on Mesut Ozil and Alexis Sanchez plain for all to see.
If, as expected, they lose out on the title again this year, it will mark 12 years since Arsenal last lifted the Premier League trophy, with Chelsea, Manchester United and Manchester City all winning it in the years since.
While fans of the north Londoners will no doubt be tempted by the success Mourinho has brought to every club he's managed, the Portuguese would be the wrong choice given his past criticism of the club and its manager.
That's why Pellegrini would be the superior selection. The Chilean also guided City to the league title ahead of Brendan Rodgers' Liverpool in 2014 and won two Capital One Cup's during his three years at the Etihad.
Furthermore, his renowned ability to coax the best out of his players - such as Sergio Aguero and Kevin De Bruyne this season - could bode well for Arsenal's future.
Mourinho’s dark arts shouldn't be a complete deterrent given his impressive record, but quite simply, he's not a manager fit for a club like Arsenal.