Personal terms are being discussed between the club and the Manchester City defender, who could be set for a reunion with former assistant Pep Guardiola.
On Monday, Arteta told reporters: “There are no updates with anyone and when there are updates we will let you know.
“We are looking at different options in different positions and will give you an update when we have it.”
Gabriel Jesus and Fabio Vieira represented two early deals in the summer market for Arsenal, but Arteta has suggested he will continue to push for deals until the end of the window.
The Spaniard added: “We tried to [sign players earlier] and we already have two recruitments.
“Until the end of the market we will keep trying to improve the team and there are so many parties involved and sometimes things don’t go as fast as you want them to.”