The Gunners are also said to be keen on the likes of Max Allegri, Mauricio Pochettino and Carlo Ancelotti - and a big-name manager like that would get fans back onside - and sort out the club's defensive issues.
Mikel Arteta has reportedly emerged Arsenal's top choice candidate to take over as club boss permanently.
On Tuesday, the football reporter Fabrizio Romano who works for Sky Sports, The Guardian and Calciomercato, wrote on Twitter that Ancelotti is "seriously considering" to leave Napoli tonight after the UEFA Champions League match against K.R.C. Genk.
In his tweet, Romano also went on to claim that the former AC Milan star Gennaro Gattuso might replace Ancelotti as the new Napoli manager.
However, Ferguson is not expected to take charge on a permanent basis, despite the Mirror reporting that Everton are having more trouble than they'd like in sounding out a potential replacement for Marco Silva.
Meanwhile, Ancelotti had earlier brushed off claims which suggested that several players wanted him out of the team's plans. No one has ever failed to respect me.
"As it stands, I will just keep on coming in and keep doing what we are doing until someone tells us different".
"We exchange ideas every day, the situation must be resolved quickly because we are failing badly", he concluded.