However, consideration would have to be given to whether changing managers this summer would be cheaper than giving significant financial backing to Arteta, who is likely to be sacked if the season starts badly.
Asked if he believed he could still be manager at a top team, Arteta, who won the FA Cup last summer, said: "Yes. I think the squad needs changing.
"There were already a lot of changes in December, something that has not been done in years, but it tells us where we were.
"Things are going to have to change and the owners are going to back it up."