The Frenchman ended his 22-year reign at the club in the summer after two disappointing seasons in which he lost faith from the Gunners faithful.
But the three-time Premier League winner could be set for a remarkable return to management, his former player Petit has revealed.
“I had a conversation three weeks ago when I was in Dubai. He was with a friend of mine,” Petit told the Sun.
“Some of them said he is going to go to Madrid, I don’t believe in it. Some of them said there is big things at Paris Saint-Germain as a sporting director.
“You’ve got big names there. Can you imagine if you put Arsene Wenger there? I don’t believe in it.
“I still believe Arsene is passionate about the field, working with the players. This is something really important for him.
“It’s vital, so I don’t see him working in the offices. He could, he has the knowledge and the intelligence to do that. He still has experience to give on the pitch.”