The Frenchman left the Emirates Stadium in 2008 for AC Milan, but following five years at the San Siro, he returned to the Gunners in August this year on a free transfer.
Fellow arrival Mesut Ozil has received a large amount of plaudits for his performances since he joined the club from Real Madrid, but Petit has insisted that he has been equally impressed by his fellow countryman.
"Everybody is talking about Mesut Ozil, with good reason, but as I said months ago I was very pleased to see the return of Flamini at Arsenal," he told talkSPORT. "Since the time Cesc Fabregas was there they have missed the big guns in midfield.
"They needed Ozil but they were also missing a defensive midfielder, just in front of the back four. Now, with those two players, they have found the right balance and can enjoy their football."
It was confirmed earlier today that Arsenal will be without Flamini for tomorrow's Champions League match against Borussia Dortmund because of concussion.