I thought Manuel Pellegrini could be an option too ... he is coaching in China at the moment, but he has won an EPL title and coached in England before.

It really depends what Arsenal are looking for. Do they want a coach who given three years can lead them back to success ... or do they want success next year?? You'd probably have to go for one of the old managers for instant success (not sure many on that list would play the Arsenal way though).

Its a waste of time going for a young up and comer.
Arsenal cant afford a season + build up mind they have the money to do so but they need to bounce back just as Conte had done with Chelski 1st season.
Ancelotti/Pellegrini would be the straight out candidates, pulling power of players and as long the board opened the cheque book to support them.
Simeone would be interesting to see in the EPL but I can't see Atleti letting him go.
and what of past Legends Viera/Henry ? they haven't done enough in coaching imo at top level to risk imo.

Taringa Property Management
Yea, right. I cant see that Atleti will let him go either. But it would be a nice news if it happend :) Henry wouldnt be a good coach IMHO...