Arsenal name Mikel Arteta as new manager

Mikel Arteta, new manager of Arsenal.

Arsenal announced on Friday that the club's former captain Mikel Arteta has signed a three-year-and-a-half contract to become the new manager of the English Premier League side.

"We're delighted to be bringing Mikel back to Arsenal. He knows our expectations and those of our fans around the world are high and we are confident he can play a lead role in taking the club back to the levels we all demand," said director Josh Kroenke in a statement.

Earlier, Pep Guardiola, manager of Manchester City said that the deal was "almost done" for his assistant manager to return to Emirates Stadium as manager.

Pep Guardiola (L), manager of Manchester City, communicates with his assistant manager Mikel Arteta.

"He decided to move there and when you have a dream you cannot stop it; you have to follow your dreams. Arsenal was important to him. He finished his career there, they're one of the biggest clubs in the country and I wish him all the best," said Guardiola, according to the BBC.

Arteta, 37, played for Everton and Arsenal as a midfielder and had been working as the assistant manager under Guardiola at Manchester City until the announcement on Friday.

"This is a huge honour. Arsenal is one of the biggest clubs in the world. We need to be competing for the top trophies in the game and that's been made very clear to me in my discussions with (owner) Stan and Josh Kroenke, and the senior people from the club," said Arteta in a statement.

Players of Arsenal attend a training session.

Arsenal are having a very difficult time in the Premier League as they are 10th in the standings with a 5-7-5 record. On November 29, the club fired Spanish manager Unai Emery and have been looking for his replacement since.

"We met several top-class candidates and Mikel stood out to every single one of us as the perfect person for us. Mikel understands Arsenal Football Club and what it means to our fans around the world. We look forward to him getting down to work and bringing the best out of our squad as we work to get our season back on track," said head of football Raul Sanllehi.

The Gunners will meet Everton in the league at Goodison Park on Saturday. One day later, Arteta will take over as manager.