The Dutchman has been superb during his two years with the Saints.
The 66-year-old Frenchman might well be in the twilight of his career in North London and it remains to be seen if he will stay on after his contract expires in 2017.
Quite a few Gunners fans made their feelings for the long-serving manager - who could celebrate 20 years in charge this September - during last Saturday's 1-0 win over Norwich City, in which they held up placards reading 'Wenger Out', but the majority of the crowd seemed to support Wenger.
Koeman's Saints, who thumped Manchester City 4-2 last week, are looking to secure Europa League qualification for the second season in succession, and Merson admits he would like to see the Dutchman in charge of the Emirates Stadium club at some point in the future.
"Ronald Koeman has done a brilliant job at Southampton, and I'd like to see him at Arsenal if I'm honest," Merson, who once played under Wenger at Arsenal, told Sky Sports. "He's a top, top manager."
Much of the vitriol directed at Wenger stems from the fact that Arsenal have yet again failed to win the Premier League, with their last top-flight title coming back in 2004.
But there is also a sense of resentment due to the fact that their North London rivals Tottenham are almost guaranteed to finish ahead of them, for the first time in 21 years, if they beat Koeman's boys at White Hart Lane on Sunday.
Spurs are three points clear of the Gunners - who visit Manchester City in the evening game tomorrow - but their goal difference is markedly superior.