Wenger announced he would quit Arsenal after 22 years once the current campaign ends next month.
"I'm a great friend of Patrick, so perhaps I am biased! But with everything he has done with Manchester City and New York City FC, and the way he is regarded by fans of Arsenal, I would be very happy if Arsenal decided to appoint him as the next manager," Petit told Paddy Power News.
"I don't know if that will happen, but I hope it does for Patrick's sake. I know he wants to come back to Europe to manage a team, and I guarantee that he loves Arsenal very much.
"The last time we spoke together about his future, he was very grateful to be working in the USA, but it's a first step for him. One day he has to manage a big team in Europe or the Premier League - that's what he's working towards, that's what he expects.
"So if Arsenal decided to bring back Patrick, that would be a very good idea. But following Arsène is a huge task. Whoever comes in it won't be easy - they will be expected to return the club to the top of the league. The club has a big decision."