The former Gunners midfielder has been punted to land the job.
A fourth different favourite in the space of a week has emerged in the Arsenal manager market, with Mikel Arteta the latest name to top the market.
As big as 8/1 yesterday, the Spaniard is now as short as 5/4 to take over at the Emirates Stadium.
The money has been pouring in on the 37-year-old, with 40% of bets through the Oddschecker site being placed on him.
Currently second fiddle to Pep Guardiola at Manchester City, the former Arsenal man may be eyeing up top spot at his former club, having been heavily linked before the Gunners went with Emery at the start of last season.
He was overlooked back then but having enhanced his reputation over the last three years at Manchester City, the Gunners may be keen to reunite with the former midfielder.
Arteta knows the club inside out having been there for five years before retirement and Arsenal are in desperate need of getting their identity back.
Elsewhere in the betting, Patrick Vieira is 7/1, with temporary boss Ljungberg looking unlikely to get the role permanently having drifted out to 12/1.
Oddschecker spokesperson Callum Wilson: "Freddie Ljungberg has seemingly failed his brief audition for the Arsenal hot seat, so it appears the North Londoners have their sights set on Pep Guardiola's protégé, Mikel Arteta.
"The Spaniard played 149 times for The Gunners, but is he experienced enough to steer this average squad to a respectable Premier League finish this season?"
