The Gunners have endured a quiet summer in the transfer market, with Yaya Sanogo the only addition to Arsene Wenger's ranks.
A 10-game unbeaten run at the end of last season suggests there is not too much wrong at Emirates Stadium, but added depth is required if that sort of form is to be maintained.
Arteta, who will miss the first six weeks of the campaign with a thigh injury, concedes as much and hopes there will be movement on the transfer front before the window closes - allowing Arsenal to chase down a first league crown in 10 years.
He told The Sun: "Last year, this squad wasn't good enough to challenge for the league - we ended up too far behind Manchester United.
"We suffered a lot of injuries in the last few years and couldn't always put out a consistent team for 10 or 15 games in a row.
"So we can't ignore the speculation about new signings, because it's in the papers and we are asked about it all the time.
"I'm convinced there will be signings this summer. We already have a very strong team - and if we get new faces they will be welcome."
Arteta added on Arsenal's lofty ambitions for 2013/14: "You all know Arsene Wenger - and I can tell you he's not happy just to finish in the top four.
"When you get to a stage in the season where you are 12 or 15 points behind the leaders, you have to be realistic and admit you can't catch up.
"That's when the target becomes qualifying for the Champions League again. But at the start of the season, the only aim of the club, the manager and the players, is to win the league. It's normal that the fans get frustrated - when you play for Arsenal you demand to win trophies every season - and we haven't done that for eight years.
"We started very slowly in the last two seasons - life is very difficult when you are already trying to catch up eight or nine points in October or November."