The Gunners have finished eighth in each of the last two league campaigns, but they have a genuine chance of Champions League qualification this season.
The north London giants are currently sixth in the standings. They are only two points behind fourth-placed Manchester United, having played one game less.
They have their top-four destiny in their own hands at the moment but failing to feature in the elite competition next term may not hamper Arteta’s position.
The board believe the club have performed above expectations this season. The general feeling is that they are ahead of schedule in terms of progress under Arteta.
A top-six finish or European qualification of any form would almost ensure that Arteta is rewarded a new contract beyond the current one expiring in June 2023.
The Gunners spent more than any other English club during last summer’s transfer window. They paid £150 million to bring in six players for the first-team squad.
Despite the heavy outlay, there were question marks over the decision-making since their focus was on players aged 23 or below rather than household names.
They made the worst possible start with three straight defeats but have since been consistently picking up wins and are in the mix for the top four.
While they are in a good position, there is still some discontent amongst some fans after failing to bolster the squad further during the winter transfer window.
The club also parted ways with their main striker in Pierre-Emerick Aubameyang without a replacement. He was one of several senior players that were shown the exit door.
Arteta now has only 21 first-team players at his disposal, including three goalkeepers. The club don’t have much depth in the central defensive and centre-forward departments.
The Spaniard is willing to work with a limited set of players over the next 17 games, but any injury or COVID-19 crisis within the squad could hamper the club’s league form.
There is a sense of unpredictability over how the rest of the season could progress, but Arteta appears in a good position to commit his future unless the campaign tails off.