The Brazilian defender's contract at the Emirates runs out at the end of the season with no signs of an extension coming his way.
He said: "It's true for some players it might be their last season for different reasons.
"I can see how much it means to them and how much they want it."
The 34-year-old has only made one appearance since March but Arteta hasn't ruled out utilising him against the Spanish side on Thursday night despite picking up a knock in the 2-0 win over Newcastle at the weekend.
Asked if Luiz will be available, he replied: "With David, it's always possible. He has made an incredible effort to be in the position he's in today."