Pep Guardiola's assistant at Manchester City and former Toffees midfielder is chairman Bill Kenwright's preferred choice if Allardyce is axed having failed to impress at Goodison Park since becoming boss in November.
If Arteta is given the job then here are three City players the 35-year-old could potentially bring with him to Merseyside.
Often the forgotten man at the Etihad Stadium, Delph rose to prominence again this season after being drafted in - and impressing - at left-back by Guardiola.
The ability to play there could be appealing with Leighton Baines now 33-years-old and injury-prone, while the England international could add some steel in central midfield in the absence of the injured James McCarthy.
Another midfielder now but a more attacking presence and, at 17, is one of the most highly rated young talents at the Citizens' impressive youth setup.
Unlikely to be allowed to leave permanently, Foden and his parent club could be convinced by the prospect of more regular game time on loan but at a high Premier League standard.
Currently on loan at Everton himself, Mangala had little chance to impress before being struck down by injury two games into his temporary stint.
Now an often mocked figure the France international was once very highly rated and at 27-years-old still has plenty of time to turn his reputation around if someone is prepared to take a gamble on the defender.