The defending Premier League champions have already completed deals to sign Bruno Guimaraes and Christos Tzolis alongside a move to make Piero Hincapie's loan from Bayer Leverkusen into a permanent switch.
The Gunners were linked with Real Madrid superstar Vinicius Junior prior to his contract extension in the Spanish capital and have retained an interest in LaLiga duo Julian Alvarez and Nico Williams.
Bradley Barcola looks to be edging towards Liverpool, but Arteta dropped a hint over more business being on the cards, either side of Arsenal's season opener against Coventry City on August 21st.
"There's more we want to do because every time we have an opportunity to improve the squad and bring more quality and depth to it, we need to do that.
"We're actively trying to do so. The thing in the market is that it doesn't just depend on you. We are very clear on that.
"But the approach, the will and desire of the club, that's unquestionable. But, we can't promise we're going to do it, because it doesn't only depend on us.
"For the margins to improve, there are very few players in the market that are available to do that and bring that to the club."