The 29-year-old has the opportunity to recapture the form that made him an early-season favourite for FPL managers.
Mkhitaryan produced five assists for Man Utd over the opening three Gameweeks.
Those performances ensured he went from being part of just over 271,000 squads to more than 1.75 million by Gameweek 7.
But after failing to produce a goal or an assist thereafter, Mkhitaryan lost his starting role under Jose Mourinho.
He could now make his Arsenal debut in Gameweek 25 to benefit an ownership of just over 334,000 managers.
Priced at just £7.6m, Mkhitaryan’s potential as a Fantasy option remains strong.
His final season at Borussia Dortmund produced 11 goals and 15 assists in 31 Bundesliga appearances.
And while he struggled to adjust in his first term at Old Trafford, the midfielder was pivotal to their successful 2016/17 UEFA Europa League campaign, supplying six goals from 10 starts.
This season’s early form, when Mkhitaryan sat top for chances created (17) after Gameweek 5, underlines his prospects once settled in north London.
Arsenal’s formation is in flux following recent tweaks by Arsene Wenger.
Once established as part of the Gunners’ armoury, however, Mkhitaryan’s creativity and eye for goal can reignite his Fantasy prospects.