The Manchester City assistant manager is reportedly one of the preferred candidates to replace Unai Emery at the Emirates.
But Arteta is seeking assurances over the long-term project in North London before talks begin over a deal, and City are willing to let the 37-year-old move back to Arsenal, but would prefer he stays until the end of the season, an Etihad source told The Sun.
The source said: “Mikel wants the job but wants to know what is on offer and guarantees from them.
“He will then speak to the club. Nothing is going to happen before the end of this week from what we can tell.
“Mikel is conflicted because of his relationship with Pep and feeling for City after the years there.
“He has been excellent since he got here and there is a feeling he is going to be a top manager one day.”