Unai Emery will hold talks with Arsenal to discuss the possibility of succeeding Arsene Wenger

Unai Emery is the new frontrunner for the Arsenal job after Mikel Arteta withdrew from the running to succeed Arsene Wenger, according to Sky sources.

Emery, who left his job at Paris Saint-Germain earlier this month, was in London on Monday for talks with the Gunners.

The 46-year-old Spaniard led the French Ligue 1 side to a domestic treble this season - but did not have his two-year contract extended, and was replaced by Thomas Tuchel.

Arteta had long been in the frame and is understood to have wanted assurances over the role he will play in Arsenal's transfer policy before agreeing to join the club as new head coach.

The 36-year-old, who part of Pep Guardiola's title-winning staff at Manchester City, also wanted guarantees of a significant say in which players are to be sold to recoup funds for further investment, with the club's summer budget reportedly at £50m.

Arsenal are also in talks with Mikel Arteta, who is currently a coach at Manchester City

Arteta is thought to be happy to remain at City with Guardiola, who has been highly complementary of the former midfielder, should he not have been given assurances over Arsenal's transfer policy.

Former Barcelona coach Luis Enrique, who emerged as an early contender, is understood to have asked for similar guarantees during discussions with Arsenal.

Sky Sports Spanish football expert Guillem Balague told Sky Sports News on Monday: "I am hearing that Unai Emery is in London to hold talks with Arsenal. That has to do with the fact he is free, a top candidate and wants the job.

"We are talking about someone who has done such a great job in his career with the likes of Sevilla and only last week he was named manager of the year in France for the job that he did at PSG."