The Gunners are set to miss out on the title — Manchester City will be champions if Arsenal lose at Nottingham Forest on Saturday — but the club are determined to go again next season, and Arteta believes they have an “extremely important” summer ahead of them.
Arsenal want to add to their squad, with West Ham captain Declan Rice their No1 target, and they could spend more than £200million on new recruits.
Asked if the current squad has the depth to compete in both the Champions League and the Premier League next season, Arteta said: “Today? No. At the level that we want, no.
“Because we didn’t have the capacity to do that as well with the Europa League, so it’s part of that evolution.
“We have made a lot of good steps and strong steps in that journey and we have to continue. That never ends. We want to be better and the rest will be better, then the margins will be higher and we have to start to live with those standards and improve and be smarter.
“That doesn’t mean only signing players. It’s to improve our own players. There are players that we haven’t had the best out of this season.
“When you get closer to the top, then the margins are smaller. What makes you win or lose? It’s minimal and it changes. It’s a penalty that goes in or out and then the season changes in that moment.
“Having three, four injures, or having the full squad in that moment, defines the season. So, what we have ahead of us this summer is extremely important and we have to absolutely nail it.”
Arsenal will be without Gabriel Martinelli (ankle) and Oleksandr Zinchenko (calf) at Forest, with Arteta confirming they will join William Saliba (back) in missing the rest of the season.
The Gunners have led the League for much of this season and Arteta wants his squad to use the disappointment of missing out on the title as fuel.
“Pain is part of football,” he said. “When you don’t win or you don’t perform at your level, it has to hurt and it has to hurt the right way and you have to use that pain to become better.”