I'd bite anyone's hand off for a Wenger/Arteta partnership if it was the only alternative to what we have now (not saying much) but Arsene Wenger is absolutely finished as a club manager in my opinion and should be looking for an international position to end his career. If he can't build an Arsenal team that could compete at the top for over 10 years that had an incredible stadium, London location to attract the best players and unwavering board support he isn't going to do anything here in 2 years max.
As for Arteta it would be good to have him here as an assistant to learn from a senior manager before being given the reigns himself but why would he do that when he is already learning from the best there is? Guardiola doesn't normally stick around long either, Arteta may only have to wait 1 or 2 more years and City may give him the job as they see him as a way to retain continuity.
Pipe dream I suspect. I'm not particularly bothered as there are other good managers out there I think we can attract, although we just need to make sure the Fat One isn't given one minute past the final game of the season, at the latest!