Klopp took over at Anfield in 2015 and slowly built a team that would win the Champions League and Premier League in the last two seasons.
Arteta is trying a similar rebuild at the Emirates and has been mightily impressed by the Reds' recent success.
"What they have done is phenomenal," he said. "Obviously the first two years it took them some time to rebuild the squad and to create a new culture, a new philosophy and a game model that suited the coach.
"Then they started to recruit every single player in relation to what they needed and that's where I think they were really smart. They bought with specificity for every position that was required.
"Financially they had a big backing and made some big signings which completely changed the club in my opinion."
Asked if he believes Arsenal can emulate the Merseyside giants, Arteta replied: "If you ask me that question in four years and we're both sitting here and I can tell you 'Yes, we've done it', I will be so happy.
"But I know how many decisions have to be right and how much support you need from the club and the people around, and how much connection you to have to generate from your fans to have the full package, and afterwards it's football.
"The context right now is different to what it was as well four years ago and the abilities for a club to rebuild something is more limited, but it's certainly something we have to look at and how they did it because it's a great example.
"But we have to know that we have to do it our way with our resources and have it in mind that the content right now is different, but we are heading to be the best and this is my only objective with this club. We have to find a way to do it."