The 16-year-old sensation continues to go from strength to strength after becoming the youngest scorer in Premier League history last season and he bagged twice in the midweek EFL Cup win at Ipswich Town.
Arteta is conscious not to overexpose Dowman, and he's yet to feature in the Premier League in 2026/27, as the Spanish coach looks to strike the correct balance on him.
A top-flight or EFL Championship loan could be an option - alongside potentially moving to a continental league - and Arteta is keeping all options open.
"We haven't really listened to any of the loan possibilities because we were clear we want to have him in the squad, we wanted him to be part of the preseason.
"I'm going to start to see where we are from there. We will evaluate every six months where we are, what's the best thing for him to do and from there make the right decisions.
"It will depend on a lot of factors: what he needs, where the team is as well, the availability that we have in the squad, the amount of minutes he's playing, the quality he's delivering when he's got those minutes.
"There have been many cases of that age that they've gone on loan and they've been successful, some others not. Particularly, I think I was 17 when I went to PSG.
"Depending on the atmosphere there, how much the coach believes in you, you go there just to be part of a squad, not to play.
"Which country? Depends. But now he's in a great place."