The winger, who joined Arsenal from Lille for £ 72million in the summer of 2019, was the club’s second-highest scorer last season but has struggled this year.
Pepe has only played 122 minutes of Premier League football since early October and that led to him being linked with a move in January.
Newcastle, which Arsenal play at the Emirates Stadium on Saturday, has been touted as a possible destination, while AC Milan have also been mentioned.
But when asked if he would take offers for Pepe, Arteta replied, “No, and now is not the time to talk about it. We are interested in Nico being at the level that he is. he can do.
“He’s had some really good times since I’ve been here, times he hasn’t participated a lot, like everyone else.”
Pepe could be in the starting XI on Saturday if Arteta sounds the changes after last week’s loss to Liverpool. Kieran Tierney is expected to replace Nuno Tavares left-back, while Martin Odegaard could replace Alexandre Lacazette as No.10.
Newcastle are at the bottom of the Premier League and are still looking for their first win of the season.
Eddie Howe was appointed during the international break and the club are able to spend heavily in January given the financial strength of their Saudi owners.
Their recruiting campaign could be reminiscent of Manchester City’s a decade ago, when they were taken over by owners in Abu Dhabi. The club have signed several signings with Arsenal, including Emmanuel Adebayor and Samir Nasri, but Arteta is not focusing on repeating history.
“I think players should stay in football clubs when they feel they belong somewhere, when they feel important, when they feel valued in every aspect and when they normally do, the players want stay, ”he said.
“When the players start to decide something else, [it’s] because they need something different in their future. Sometimes it’s not financial, sometimes it’s a sporting reason, sometimes it’s family, a problem of adaptation, there are many different cases. “