The 19-year-old has previously been linked with a move away from the Emirates.
But Arteta handed the forward his debut in Thurday's win over Dundalk and says he can have a future at the north London club.
"He's a player that I really like," Arteta said. "Obviously I've got this situation and I believe it's later than what I would like because I wasn't here when everything started to develop but yes, he's a player that I would like to give chances to.
"That's why he was in the squad today and I showed him that yes, we count on him and we believe in him and if he wants, he's going to have a future in the club."