Dyche, 49, is currently the Premier League's longest-serving manager after being appointed in 2012.
And asked if he could stay at a club for nearly 10 years, like Dyche, Arteta said: “Of course I can.
“If you are happy where you are and, most importantly, if they are happy with the job you are doing, I think it's a really strong relationship.
“I think what he's done is remarkable and the way he's kept the team in the Premier League. But in this job I think you have to go almost day by day.
“To have that stability in football is really complicated. But when you have that stability you have good leadership, you have very clear ownership to take the club where they want and you generate some trust between the big decision makers at the club, [and] I think anything is possible.
“Going through difficult moments if you are clear that this is the route we are taking and we're not going to hesitate because of one of two results, I think at the end really nice things can come out.
“So for me that's the main advantage – that players, staff and everybody knows that we are where we are, and we believe what we do, and things are not going to be shaken every single time something happens. I think that brings a lot of security and stability to a football club."