The Gunners go to Goodison Park on Monday night.
On Xhaka, Arteta said: "He is progressing well, he is doing all the right things and he's feeling better but no more news on that. It's very positive because the evolution he is doing is great, he is partially training with the team and he is heading in the right direction.
"This week he has progressed again to a different level, and tomorrow we will assess how he is, have a conversation with him and decide when is the best moment to start to give him some exposure in games."
On the boost Xhaka's return will offer, Arteta added: "Yes, it will be and we miss him, he is one of our leaders, one of the senior players who adds something very valuable to the team and hopefully we can have him back soon."
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