Arteta is firm favourite to win the Premier League Sack Race, and Planet Sport Bet make him odds-on at 4/9 to be first Premier League manager out of the door this season.
Leicester's Brendan Rodgers (7/4) and Eddie Howe (8/1) are still among the front runners, but now Arsenal's hierarchy are believed to have turned their attention to the Premier League's upcoming managers Potter and Frank.
Both have shortened in betting markets in the last few weeks, with Potter rated just 10/1 to replace Arteta, whilst Frank is 20/1.
Both managers are proponents of an attacking style that would likely be hugely popular at the Emirates should either be lured to North London.
Frank is currently contracted to Brentford, who he guided into the Premier League last season, until 2023 whilst Potter - who joined Brighton from Swansea - is committed to the Seagulls until 2025.
Rangers' Steven Gerrard has also impressed a number of people south of the border with his performances at Ibrox, helping them to the SPL title last season. However, he's still an outsider at 20/1.
Planet Sport Bet spokesman Mike Grenham said: "It's interesting to see the so-called inexperienced Premier League managers shift in the Arsenal manager betting markets.
"Frank and Potter are interesting prospects but still have a lot to prove in their careers, and I doubt Arsenal fans will be particularly thrilled to see their odds shorten. Conte at 11/4 is still the firm favourite with Planet Sport Bet, and no doubt the Gunners' faithful.
"It feels like this market is still wide open, but I expect everything to shift again if Arsenal don't perform against Norwich this weekend."