The tricky winger has a £71million release clause in his Villarreal contract which expires in 2023.
Chelsea, Wolves, Everton and Leicester have also been tracking the youngster...
Chukwueze has now been linked with six Premier League clubs, including Man Utd and Liverpool.
Arteta admits the signings they make will depend on how they finish the season.
The Nigeria international is enjoying his second season in La Liga after his breakout campaign last term.
The winger scored eight goals in 38 appearances in all competitions in his first season in La Liga.