The 19-year-old's contract is up in the summer and reports suggested he was close to agreeing a deal with a foreign club.
Arteta insists he is not aware of any developments. Instead he said competition for places is to blame for the forward's recent absence.
"Regarding his contractual situation with the club, I just want to convince him he has a future at the club, not sending the opposite message," Arteta said.
"He's showing a real hunger and desire to be with us and we're trying to get something done because we want him to stay."