The likes of Gabriel Jesus, Reiss Nelson, Miles Lewis-Skelly and Fabio Vieira have been touted as players who could still depart North London this summer in what is a huge squad clear out for Arsenal.
However, one name connected with a move away this month has been Nwaneri whose connections with Italian giants AC Milan have only grown bigger this week.
Galatasaray have also held talks over a move for the Hale End academy graduate who has made 51 competitive appearances for Arsenal, scoring 10 goals at just 19 years old.
Speaking on his future in his latest press conference, Arteta revealed a move will not happen as he backed the youngster to fight for his place in the side.
“It's unquestionable the talent, the desire, the love and the passion he has for the game. It's something that I've always loved about Ethan. I think he's had some great games and he's shown everybody that he has the ability to be here.
“I want him to be at the club but something is in the medium-long term what is best for the player as well. Ethan needs to play football and if he stays here it’s because we can guarantee that he can have those minutes. Otherwise, it's just something that is not good for anybody I think.”
Nwaneri spent half of the last season on loan at Marseille and he could copy such a move if his game time does not improve in the coming campaign.