The Spaniard has overseen an impressive start to the season for the Gunners.
Arsenal are currently top of the Premier League table during the 2022 FIFA World Cup tournament break. Arteta's side have won 12, drawn one and lost one of their opening 14 league fixtures.
They have also lost just three times in all competitions, and Arteta's summer transfer business has worked wonders.
His transformation of Arsenal has caught the eye of Barcelona and Manchester City, who could make a move for the Spanish coach in the future.
Arteta's contract with the north Londoners expires in 2025 when City manager Pep Guardiola's new deal also runs out.
Arteta worked with Guardiola during his time at the Etihad Stadium as an assistant for three seasons.
Depending on how the season unfolds, Arteta could be a candidate to replace the City boss when he eventually departs the reigning Premier League champions. Arsenal are currently five points clear of City, who are in second.
Meanwhile, Barcelona coach Xavi is tied to the Nou Camp until 2024, with the Blaugrana sitting at the top of the La Liga table after 14 matches.
However, Arteta has admirers at Barca, who have been impressed by his rebuild of the Gunners over the past two seasons.
A future move for Arteta from either Barcelona or City stems from what occurs around 2025.
Arsenal winger Gabriel Martinelli reveals that Barcelona turned him down after a trial
Martinelli has been a standout performer for the Gunners this season, making 20 appearances, scoring five goals, and contributing two assists.
The 21-year-old has forged a formidable frontline with new signing Gabriel Jesus and English forward Bukayo Saka.
His form has coincided with the Gunners' terrific campaign thus far.
However, it could have been very different for the Brazilian after he trialed with Barcelona as a teenager.
He told the Players' Tribune that he participated in a trial alongside Barca attacker Ansu Fati, but the Catalan giants rejected him:
"I went to La Masia in Barcelona. I practised with Ansu Fati when I went there. We became friends and I stayed there for 15 days. Then it didn't work out either, they didn't want me."
Martinelli soon attracted interest from the red side of north London and just months later was signed by the Premier League outfit.
"But four or five months later Arsenal signed me,” Martinelli said.
The Brazilian joined the Gunners for £7.1 million in 2019 from Ituano and has made 104 appearances, scoring 23 goals and providing 15 assists.