Former Gunners midfielder Arteta is the leading candidate to succeed Arsene Wenger and if appointed, he would be handed a transfer budget in the region of £50m this summer.
The Arsenal executives, who are responsible for choosing the new manager, are also understood to be holding talks on Thursday.
They are expected to include chief executive Ivan Gazidis, head of football relations Raul Sanllehi and head of recruitment Sven Mislintat.
Gazidis wants the successful candidate to fulfil a head coach role to fit into the club’s new management structure.
Arteta is assistant coach at Manchester City and Pep Guardiola said he will not stand in the 36-year-old’s way if he is offered the Arsenal job.
It is understood the Spaniard will be allowed to bring in his own backroom staff.
Arsenal want to make an appointment before the World Cup begins next month.