The Gabon international has endured a tough time since signing a contract extension with the Gunners, having scored only twice in 11 Premier League appearances.
"No one is undroppable," Arteta said about Aubameyang before Thursday's clash with Dundalk.
"At the end of the day, we have to find the right players to win football matches.
"But we cannot forget what Auba has done for this club and what he has done in recent months, not years ago.
"As well, I see how he's training and how he's behaving, how much he wants to turn this situation around.
"When I see that type of hunger, it's about supporting the player as well as the status he has in the team because of the performances he has provided for this football club."