The Gunners manager has identified a forward as his main priority, believing additional attacking options will be important as Arsenal attempt to compete for major honours on two fronts.
Junior Kroupi is among the players attracting their attention, although Bournemouth are reluctant to lose the highly rated forward during the winter transfer window.
Arsenal could also face competition from Paris Saint-Germain and Bayern Munich, with the 20-year-old's performances having attracted interest from leading European clubs. Kroupi scored 13 Premier League goals last season, setting a record for the most goals by a teenager in a single campaign, and has since returned from a fractured metatarsal.
The possibility of an earlier move is understood to be under consideration, although Bournemouth's reluctance to sell could make a January deal difficult.
Arsenal also retain an interest in Juventus winger Kenan Yildiz, but Arteta's wider requirement is for a versatile forward capable of operating in several attacking positions.
The club attempted to recruit Morgan Rogers and Vinicius Junior during the summer but failed to secure either player. Strengthening the left side of the attack remains an objective, although the priority is to add another player who can provide options across the forward line.
Arteta had initially hoped his existing squad would have sufficient depth to manage the demands of the season, but the pursuit of domestic and European success has prompted a reassessment.
Arsenal have made a strong start to their Premier League title defence and sit three points clear at the top of the table. Their Champions League campaign continues with Wednesday's trip to Slavia Prague, before they face Hull City in the domestic schedule on Saturday.
The demanding run of fixtures is likely to require rotation, with 16-year-old Max Dowman among the options Arteta could consider in Europe. Dowman is eligible to play in the Champions League despite his three-match domestic suspension following his dismissal against Fleetwood Town.
Arteta has challenged the teenager to adapt to the physical demands of senior football, but has also been keen to reassure him after the red card. Dowman could start in Prague or provide an option from the bench.
There is also encouragement over William Saliba's recovery from a back injury. The France defender has returned to grass training and is progressing towards a return to the first-team squad, although he must still receive medical clearance.
With three matches in seven days, Arteta is expected to make changes as Arsenal balance their immediate commitments with the longer-term demands of a title and Champions League challenge.