Vardy has scored 21 goals in the Premier League for Leicester so far this season at the age of 33, and is leading the race for the Golden Boot, with Aubameyang two behind the Foxes forward.
The Gunners are currently in discussions with Aubameyang over a new long-term deal, despite the striker having arguably reached the peak of his career, with player having turned 31 last month.
"I would like to see where Leicester were today without Vardy in the last three years," Arteta said.
“So I think it is a really good example to consider at least. And, as well, considering both players they are always available.
“They are players that are so resilient and they are able to play 50, 55 games every year and they have been scoring in a consistent way. That's why I don't doubt Auba."