The 36 year old has been arrested in Bury on suspicion of attempted murder after man was taken to hospital after suffering stab wounds to his neck, hand and chest.
The incident occurred in Longsight on Friday night.
He remains in custody for questioning after officers recovered a revolver, ammunition and a large quantity of class A drugs following the arrest.
Detective Inspector Joseph Harrop of GMP’sSerious Crime Division said: “This was a vicious attack which left a man seriously injured in hospital and our thoughts are with him and his family as he recovers from this ordeal.
“There was a significant police presence in the area of Battersby Street in Bury on Tuesday night whilst officers carried out enquiries but this cordon has now been lifted and I would like to reassure residents that officers are doing all they can to keep the community safe.
“Thanks to the strenuous work of our officers a dangerous firearm has been taken off the streets of Greater Manchester and I hope this will reassure residents in Bury that we are fully committed to making their area a safer place by disrupting organised crime.”