British media reported that former Arsenal captain Arteta has emerged as a clear favourite to take over from Wenger.
However, should Arsenal formally offer their former midfielder the managerial job, vacated by Arsene Wenger, City will not stand in his way.
"He was a leader and he has a passion for the game and he knows the club well".
Arsenal's last league title came three months before Ronaldo moved to Old Trafford, and Wenger thinks they would have had much more success if he had been able to pair the forward with Thierry Henry.
Arteta made over 100 appearances for Arsenal over the course of five seasons, joining in 2011 and becoming club captain in 2014.
Everton sack manager after six months in charge
Watford "remain furious" that Everton's interest past year unsettled Silva and a poor run of form led to his sacking in January. According to a report in the Daily Mirror, Marcel Brands has already made bringing Marco Silva to Everton his top priority .
Arsenal seem nearly certain to appoint former Gunner and current assistant to Pep Guardiola, Mikel Arteta, as their new manager next week.
Though Arteta-who was spoken to on Thursday-is said to be the front-runner for the position, the club will speak to Henry and other candidates as part of an "extensive process" to find Wenger's successor.
"He has been assistant to [Pep] Guardiola as well, but overall I think he has the qualities".
It is understood Arsenal wish to have the new manager in place before the start of the Russia World Cup on June 14.
"I don't want to influence that publicly, because for me I believe it is important that they make their choice in an objective way", he said, "and after, once they make a decision, I will support them".