The Basque coach has long identified the left side of attack as a priority position to upgrade, with Real Madrid's Vinicius Jr having been the ideal target throughout the summer.
The Brazilian's decision to stay at the Bernabeu after rejecting an initial contract offer, only to be talked round by an improved proposal, caused Arsenal to reconsider their approach, with some thought given to waiting until January or next summer for other deals to become possible.
The club would probably have moved for Bournemouth's Junior Kroupi had it not been for his injury, and that remains an option to revisit in the winter window.
Yildiz has nevertheless emerged high up on Arsenal's list of targets, with Arteta especially keen on the Turkish international, says the Independent. The fact he is 21 years old would also represent a shift back towards signing talents who can develop over time, after two moves this summer in Ezri Konsa and Bruno Guimaraes that focused on buying players in their prime.
Arsenal's hierarchy want to ensure more outgoings before committing to a deal, while Juventus would be firm on a player they regard as one of their brightest emerging talents.
The Italian club would want upwards of £60m, and would also have to weigh up any fan backlash to selling him. One solution that has been raised is Gabriel Martinelli potentially moving the other way, though that would still require considerable negotiation between the two clubs.
The future of Julian Alvarez also weighs on the situation. The Argentine had been Arsenal's main target after missing out on Vinicius, but interest cooled when it became apparent he wanted to stay in Spain and move to Barcelona instead.
With Atletico Madrid currently unwilling to deal with Barcelona, however, there remains a possibility that an opportunity opens up for Arsenal the closer the window gets to closing.