I don't know if he would be elsewhere right now. I think he has signed up to the challenge at Atletico and he is doing his utmost to see it through. I am positive that people have already come calling for his services already and he has turned them down. I do agree that Arsenal would be a good challenge for him, however. And he might even be up to the challenge of getting them the Championship eventually. But I just don't see it. Firstly, Arsenal's way of football is nothing like Simeone's. And second, just because he has his whole career to get massive pay checks, that doesn't mean that he doesn't want them now.
Got to agree with Dave here. He seems set to stay with Atletico until they either sack him/he quits due to making an arse of it like Klopp did at the end of his Dortmund tenure or he wins the European Cup. That would probably be mission accomplished.
Simeone will probably end up in Italy or England after his run in Madrid and if it's the former he'll probably only go
if they can pay him. Outside of Juve and Roma (who he's unlikely to be going to due to his history as a Lazio player), I think everyone else would struggle financially to get him.
If he's going to England, it all depends on the timing. Arsenal would likely install Wenger in a position which would allow him to select a successor or at least play a role and given what he's built at the club, I very much doubt he's picking the defensive king of modern football. He could pick Klopp though and if Arsenal are persuasive enough/shove enough money Jurgen's way, I wouldn't be shocked to see him leave Anfield for the Emirates.
That'd free Simeone up for Liverpool. Or if Van Gaal somehow manages survive until his contract runs out at the end of next season, and they don't think Giggs is ready, then Simeone could end up at (Man) United. Alternatively, he's the next Chelsea boss after the next Chelsea boss.
Or, a few left field ones here, he takes on a
real challenge and takes over a club achieving well below it's potential like Newcastle (this would require a takeover or Mike Ashley to pump pretty much his entire fortune into the club) or decides to follow in fellow renegade defender Slaven Bilic's footsteps and ends up at West Ham (who appear destined for greatness further down the line or he becomes to latest coach to underachieve with Spurs.
tl; dr? He could end up nigh on anywhere in England and it depends on if he's in it for cash or the challenge (or both).
The big teams are going to line up for Simeone, you know that. I don't know why you think that Arsenal would be his first choice. Outside of the challenge of getting them what they want, there is nothing for him there. If he wants a challenge, he should become Celtic manager...
No Dave, he should come to Dundee United.
That is a real challenge.