Lyon midfielder Houssem Aouar is Arsenal’s primary transfer target for the remainder of the window, according to ESPN.
Arteta believes he can build his preferred 4-3-3 formation around the 22-year-old, who has been heavily linked with a move to the Gunners in recent weeks.
However, Aouar is expected to cost close to £60m, which means the Premier League side must raise funds by selling players.
Lyon have already turned down the chance to sign Matteo Guendouzi, although there remains uncertainty over the future of Alexandre Lacazette.
Lucas Torreira is another Arsenal player reportedly heading for the exit door.