The North Londoners have just got better and better under the Spaniard, and are now one of the hardest teams to beat in the English top flight, and indeed in Europe.
Calafiori is one of many excellent Arsenal signings
Lest we forget that Arsenal didn't lose a single Champions League game in 90 minutes during their run to the final last season, and still weren't able to land a maiden UCL title.
If nothing else, that will fuel the fire at the Emirates Stadium, and ensure Arteta remains as determined as ever to go one better.
It isn't just excellence in the dugout that has got the Gunners in their current lofty position, of course.
The standard of players being consistently brought in is in keeping with a club that wants to be challenging for the game's biggest honours.
For that, and the alignment with Arteta's vision and goals, the board deserve praise, particularly as the money has been spent incredibly wisely.
One player who has hit the heights since moving to North London is Riccardo Calafiori.
Versatility has seen Real Madrid circling
At 24 years of age, the Italian is now a mainstay of the Gunners' XI, with his versatility being a real boon for the club.
Equally at home as a centre-back or left-back, Calafiori isn't frightened to get forward either, and he has been a significant presence in attack when required.
It's no wonder, then, that Real Madrid's interest in him continues, though they'd have to dig deep to even get Arsenal to the negotiating table.
Not that the player himself has shown any desire to move to the Santiago Bernabeu, nor has Arteta sought to move him on.
However, money always talks in sport, and if Los Blancos can stump up €100m+, there are reasons to believe that a deal might be able to be constructed.
Calafiori would be a welcome addition in the Spanish capital
The Spanish outfit has certainly struggled in defence over the past couple of seasons, too.
Dani Carvajal and the injury-prone David Alaba have left; Antonio Rudiger is getting no younger; Eder Militao and Dean Huijsen have struggled with injuries and form...
Calafiori would almost certainly be a welcome addition, but what exactly would Real be getting if they were to be able to rely on his services?
Since joining Arsenal in the summer of 2024, of those players who have attempted 50 tackles or more, only Myles Lewis-Skelly has a better success rate than the Italian's 66.3%.
Brilliant numbers from the Italian
Calafiori is also one of only eight players to have made more than 100 clearances in the same time frame, whilst 70 headed clearances place him in the top six in the squad for this metric.
44 interceptions have been important in breaking up play, as has the winning back of possession on 179 separate occasions.
It's no real surprise that he's won 100 of his 162 headed duels, which is another area of play that elevates his offering, as are his 452 contested duels, 252 of which have been won (55.75% success).
As might be expected in a Mikel Arteta team, players have to be able to pass the ball confidently and with accuracy, and here too, Calafiori is no slouch.
His 87.03% pass completion rate comes as a result of successfully finding a teammate on 1,745 separate occasions, from 2,005 passes attempted.
If there's one area that he could do with improving upon, it's his discipline, as only Declan Rice (16) has more yellow cards than Calafiori's 15.
Would a €100m+ windfall come in handy for the Gunners?
The Italian has always been a combative presence, though, and arguably that's part of the reason why Arteta bought him in the first place.
Take that edge away from him, and he loses something. In a Jose Mourinho side, it's precisely such an edge that the Special One would tap into and use to disrupt the opposition.
For now, the Italian can concentrate on giving his all for the North Londoners, both in Europe and domestically.
Should he do just that, and continue to justify his inclusion in the Gunners' starting XI, then there's every reason to believe that Real Madrid will make good on their interest at some point.
If and when that happens, both Arsenal and Calafiori himself will have a judgment call to make.
Could the club make good use of a €100m+ windfall, and do they even need the money in the first place?
Does the Italian really need to leave the English capital to fulfil his career aspirations at a club with a rich and proud history, and who are the record European champions, but who haven't won a thing in the last couple of seasons?
Decisions, decisions...