Emirates legend could be on his way back from Eastlands to North London.
Manchester City midfielder could make a sensational return to former club as Arsenal as a player-coach.
The Daily Mail reports Gunners boss Arsene Wenger and City counter-part Roberto Mancini will both offer him these roles as his current contract expires this summer.
The 34-year-old wants to stay in England because his family is settled but does not want to keep playing at a lower level.
The France international is still close with Wenger and was close to re-signing for the Gunners last summer but opted for a move to Eastlands instead.
It would be an emotional reunion for those two after spending nine successful years together at Arsenal until 2005.
Vieira could be just what Arsenal need to give them a winning mentality and provide guidance for their young players.
Wenger feels his former captain could still offer something on the pitch as well as off it and is keen to give him a player-coach contract.
The move is likely to please Arsenal fans who feel the squad lacks experience and a winning mentality.