However, the Spaniard has overseen a major overhaul at the Emirates which has seen Arsenal finally return to the Champions League. Last season he came close to leading the club to their first Premier League title in 19 years.
The Gunners ultimately came up short against a relentless Manchester City side. But there are promising signs that the 2022/23 campaign won't be the peak of this Arsenal generation.
Petit is a big fan of Arteta and would love him to stay for the long term. The former midfielder played under Arsenal's longest-serving manager, Arsene Wenger, winning the league and FA Cup double in 1998.
He cannot see Arteta matching Wenger's 22 years in charge. Petit instead reckons Arteta will look at a new challenge once he has led Arsenal to some silverware.
Petit told BettingSites.co.uk: "Anything can happen in football, especially with some of the crazy money now. Mikel Arteta is improving a lot as a manager since he arrived and, just like the players, the Champions League will be very interesting for him - as well as a test of his maturity and management.
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