The midfielder has played a starring role in a hugely positive season for the Gunners, one in which they have pushed Manchester City all the way in the Premier League title race.
Increasingly, however, it feels like the Swiss international will be calling an end to his colourful career with Arsenal.
Standard Sport understands the club are in advanced talks with Bayer Leverkusen over the £13m sale of the 30-year-old.
Arsenal are plotting a major recruitment drive this summer and could spend up to £200m on new signings.
West Ham captain Declan Rice is their No.1 target but the likes of Moises Caicedo and Mason Mount are also of significant interest.
While Xhaka will leave with Arsenal’s blessing, Arteta insists now is not the time to discuss his future.
“He is an incredibly respected figure at the club,” said the Arsenal boss.
“He has a great history around him with what he has achieved at the club in going through very tough moments.
“He is a key and very important part of us and whatever happens will be something that we discuss certainly not now.”
Arsenal travel to Nottingham Forest on Saturday needing to avoid defeat to keep the title race nominally alive.
They then finish the season at home to Wolves in what could well be Xhaka’s last home game.