Former Arsenal midfielder Mikel Arteta has been well backed by punters with bookies now making him second favourite to become the club’s next manager according to the latest prices from Betway.

The Manchester City coach who works under Pep Guardiola at the Etihad is now second favourite behind Luis Enrique as the bookmakers choice to assume the position Arsene Wenger has held for the past 22 years.

Arteta has been backed into 5/1 from 20/1 for a Gunners return.

Patrick Vieria had been installed as the immediate favourite in the hours after the club announced the news Wenger would be leaving the club at the end of this season.

However the market has been fluctuating wildly since with a host of other possible candidates all being priced downwards.

Betway’s Alan Alger said: “Luis Enrique is very solid and has actually shortened up again since last night, now sitting at the top of the betting at just 2/1, but the eye catching money has been for Mikel Arteta.

“The former Arsenal player and current Man City assistant was loitering on the fringes of the betting at 20/1 yesterday but he’s been about the best-backed candidate for the job this morning and is now second in the betting at 5/1.

“After an early show of support on Friday last week, Brendan Rodgers is distancing himself from the Emirates and is out to 8/1 from 3/1.”

Betway prices on the next Arsenal Manager:

Luis Enrique 2/1

Mikel Arteta 5/1

Carlo Ancelotti 5/1

Joachim Low 7/1

Brendan Rodgers 8/1

Patrick Vieira 8/1

Massimiliano Allegri 9/1

Thomas Tuchel 10/1

BAR12/1