Arteta was the clear front-runner for the vacant manager's position at former club Arsenal and negotiations had been ongoing but, all of a sudden, news broke on Monday night that Unai Emery was set to be announced as the new Gunners boss.
"Emery emerged as the unanimous choice following a recruitment process in which all candidates were spoken to", said the BBC.
He is expected to come to north London with his own technical staff, including a new assistant manager, physiotherapist and video production specialist.
Arsenal represents Emery's seventh managerial appointment with his career beginning in 2005 with the now-defunct Spanish side, Lorca Deportivo, the club at which he ended his playing career.
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A sixth-placed finish in the Premier League, the Frenchman's worst-ever return, means the Gunners have failed to qualify for the Champions League for a second straight season.
Former Arsenal midfielder Mikel Arteta, now part of Pep Guardiola's backroom team at Manchester City, had been heavily rumoured to be the leading candidate and Wenger said last week the Spaniard "has all the qualities to do the job".
Hailing from the Basque region of Spain, Emery, having only managed in his native country, Russia (Spartak Moscow) and France, reportedly doesn't speak much, if any, English.
Emery, who made his name during his three-year stint in charge of Sevilla, was at one stage a 66/1 shot and behind Tim Sherwood in the betting odds to become Arsenal manager.
A product of the Real Sociedad academy, Emery was an active senior player from 1990 to 2004.