The Frenchman joined Arsenal in 1997 from Monaco but was sold to Barcelona alongside team-mate Marc Overmars in a deal worth roughly £30m for the pair.
Petit endured a miserable two years at the Nou Camp and was desperate to return to the Premier League.
Manchester United boss Sir Alex Ferguson was keen on signing the Frenchman but the Red Devils had the likes of Roy Keane, Paul Scholes and Juan Sebastian Veron at their disposal.
Petit opted to join Chelsea instead but the Frenchmans revealed he regrets not moving to Old Trafford.
Yes, I could have played for Manchester United. I really regret not doing that now, said Petit.
I couldve played with Giggs, Scholes Keane etc. Some amazing players.
Petits best years were at Arsenal and despite being criticising Arsene Wenger in recent years hes sad to see the Frenchman step down at Arsenal.
But Petit is backing his former midfield partner Patrick Vieira to replace Wenger at the Emirates.
Im a great friend of Patrick, so perhaps I am biased! Petit joked to PaddyPower.
But with everything he has done with Manchester City and New York City FC, and the way he is regarded by fans of Arsenal, I would be very happy if Arsenal decided to appoint him as the next manager.