The Spaniard's ultimate challenge is to restore Arsenal to the pinnacle of the English game.
"Hopefully not [another 17 years] as it's been a long, long time," Arteta conceded.
"You're talking about some of the best players in the world in their own positions at that time.
"To replace that is almost impossible, the chemistry and understanding that the team had, and how long they had worked together.
"That was an era which started to disappear because some of the participants who were so important to that success began to leave.
"We have the example of Liverpool and how long they went without a Premier League - and that it's achievable and is doable.
"I'm always positive to think that there are different ways to do it and you can still become what you are dreaming of."
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