The defender is out of contract in the summer, and the 28-year-old has not played much this season.
He is fit after a hamstring issue caused him to miss the FA Cup final at the back end of last season.
"His future right now is here," Arteta told reporters when asked about the situation with Mustafi.
"I'm trying to help. We have Papa [Sokratis] that probably is going to leave the club in this window, William [Saliba] that has already gone on loan, so we don't have that many right now.
"Gabriel's been out now for a period, David (Luiz) has been injured, so the situation is completely different to before."