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.”
Petit also believes Wenger was right to call time on his Arsenal career, insisting he has learned from the difficult end to his stunt despite his wealth of experience.
“It was meant to be. It was even a bit too late but I think that was good for him,” Petit said.
“Now he does not have the security and he has had to take a step back.
“He has to think ‘what was missing, did I do everything right?’ Just like a player after a game. I know him very well and he has done that.
“I’m sure he knows exactly what was wrong. Even when he is almost 70-years-old that will serve him as an experience.
“They needed a change. Even Arsene knows it.
“He knows that after 20 years at the same club and frustrating years.
“It’s like living with your wife, after a while things are not the same way. It was like a divorce, but it was meant to be.”