Arsenal will still have to pay us compensation for Mikel. If Mikel decides he wants the job then I would put a clause in it, that Arsenal are not allowed to buy any of our players unless they are willing to pay a premium of 25% over our asking for the transfer, for e,g. Arsenal want Sterling our fee would be say £160m so Arsenal would have to pay City £200m. Maybe better still they are not allowed to buy any of our players at all.
I still think this move is to early for Mikel as he has only been coaching for 2yrs at the most and it is a big jump from coaching to managing a big club like Arsenal., and being expected to go out and start winning some trophies more or less straight away