However, Arteta is the leading candidate to succeed Wenger and his appointment could now be confirmed before the 2018 World Cup in Russian Federation starts on June 14.
The 36-year-old has already held talks with Arsenal chiefs and his appointment could now be confirmed before the start of the World Cup on June 14.
The Emirates club are planning their summer transfers and have made a start on negotiations for Soyuncu, despite not having ex-Gunners manager, Arsene Wenger's successor officially in place.
It looks very possible that this transfer will be the first signing of the summer for Arsenal, who desperately need to bolster their defence after a very shaky season.
Soyuncu is high on Arsenal's shortlist and according to the Daily Telegraph, the Gunners are prepared to spend £35 million on the 21-year-old centre-back.
But interestingly, the report also claims that Arsenal's board have not discussed the prospect of Soyuncu's arrival with Arteta, even though the Manchester City coach is the overwhelming favourite to become their new manager.
Meanwhile, Gunners' new head of recruitment Sven Mislintat has made the Turkey worldwide his side's first major target when the transfer window opens.
The youngster cost Freiburg just £2million when he signed in May 2016, but he is now valued at around £35million by the German club.