The Gunners beat Manchester United in the 2005 FA Cup final on penalties to win competitive silverware for the last time and the Spanish midfielder is confident the club can emerge as winners this season.
Arsene Wenger's men face Chelsea, Liverpool, Borussia Dortmund and Manchester United inside two weeks, all live on Sky Sports, when their trophy credentials will be tested to the maximum.
Arteta told Sky Sports News: "For me the satisfying thing is not to prove people wrong, it's to be where we are (top of the Premier League) and do the things the way we want to do them.
"If that is the case then I think we have the quality and desire to fight for the title because I think that's where this club needs to be each year."
The former Rangers and Everton midfielder admitted the addition of Mesut Ozil from Real Madrid had been a masterstroke from the manager and added: "I think he's a tremendous player. He's had a tremendous impact since he arrived, which is not easy because he came here on the last day of the transfer window.
"Mathieu Flamini has (also) done really well. That's what we needed. We can rotate the team now, we have quality around midfield, let's see what we can do."
Watch Arsenal v Liverpool on SNF on Sky Sports HD1, kick-off 1730 on Saturday