Wenger took charge of the final match of his 22-year reign yesterday, and a plethora of names have been tipped to take over at the Emirates Stadium, with Massimiliano Allegri and Luis Enrique previously thought to have been the frontrunners.
However, a number of key figures within the club are understood to want a younger coach with a fresh approach as they look to drag themselves back amongst the main title contenders in the Premier League.
The Daily Mail reports that Gazidis and influential director Josh Kroenke, son of owner Stan Kroenke, have thrown their weight behind Arteta, who is currently the assistant to Pep Guardiola at Manchester City.
Arteta is one of two former Arsenal players who could be in the frame should the Gunners opt for a less experienced boss, with Patrick Vieira having also been linked with the job.
Certain members of Arsenal's board remain eager to appoint an experienced manager, but Arteta is now thought to have edged ahead as the favourite to replace Wenger.