The Armenian international joined United from Borussia Dortmund in the summer of 2016 for a fee of £26.3m ($36.3m). He went on to help the club to a Europa League and EFL Cup win in his debut season, having scored in the final of the former.
The 28-year-old has fallen out of favour with manager Jose Mourinho this season though, and has been offered by the club in a potential swap deal that will see Alexis Sanchez come to Old Trafford.
It has been claimed by agent Mina Raiola, however, that a move for the Chilean forward hinges on whether Mkhitaryan accepts the switch to north London.
A move to the Emirates Stadium for Mkhitaryan has been criticised by Arsenal fans as well as a notable legend in Ian Wright, who questioned his old club's pursuit of the former Dortmund man.
But Yorke believes many are forgetting Mkhitaryan's early season form and that a fresh start might be the catalyst in him becoming a successful signing for the Gunners.
"Don't forget, Mkhitaryan was in really exceptional form earlier on this season," Yorke told the Alan Brazil Sports Breakfast. "For some reason in the last few months he's fallen out of favour. Maybe it's a lack of form or a lack of confidence he showed earlier on this season.
"But an Arsenal type of player – he's got quality, and we've seen that at Old Trafford, but he's sort of lost his way here. A new start in London, playing for Arsenal - it might be the key factor in the deal coming through as well."
Mkhitaryan has scored a total of 13 goals in 63 games in all competitions for the Red Devils since joining the club last season.