Nwaneri, 18, burst onto the scene last season, scoring nine goals and providing two assists in his 37 games across all competitions.
This season, however, the youngster has had limited chances, featuring for just 165 minutes across his six Premier League games, none of which he’s started.
Reports are suggesting that the likes of Chelsea and Man United are keeping tabs on his situation.
Arsenal fans are pushing for the forward to get more opportunities, but Arteta has urged them to have patience.
Speaking ahead of their game with Wolves on Saturday, he said: "He’s a big talent, he’s got the right attitude, he’s got the right players and context around him and we need to make sure that we put brick by brick in the right tempo, in the right order, but we have some player there.
“He’s going to really dictate how fast that’s going to go, but I’m really, really happy with him. There’s so much personality there. He wants to impose himself, he wants every ball, he wants to make things happen.
“Outside around the boy, he’s still a bit quiet, as is usual for a 17-year-old. But he’s very respectful, his work ethic is tremendous and he loves what he does, you can tell that.
“I think he is showing every day what he is capable of. You see his teammates, they are giving him the ball all the time, that’s a great sign. So we have some player there."