To add to
@blargins post, given where Pep and Wenger are in their respective careers, the opportunity to become a first team manager would in theory be easier here than at City for Arteta in a season or two.
However, this is all conjecture as they would probably have to take Wenger out in a coffin for him to leave Arsenal and just because he was a former player does not automatically mean that Arteta would be interested in the Everton job if and when it becomes available.
I still think (and hope) that Fonseca, given his contract situation and his style of play, will be our manager next season.