Both United and the Gunners have been linked with a move for the Basque midfielder, who has two years left on his current deal at Goodison Park.
The Toffees are keen to tie the 28-year-old to a deal that could keep him on Merseyside for the rest of his career, but the player himself is believed to be weighing up his options carefully as he knows that his next contract could be his last.
United boss Sir Alex Ferguson reportedly sees Arteta as a natural successor to Paul Scholes at Old Trafford, whilst Gunners chief Arsene Wenger is eyeing the Basque as a potential replacement for Cesc Fabregas, who continues to be linked with a move to Barcelona.
Everton remain confident that Arteta's status as a fans' favourite at Goodison will see him commit to a new deal, however.
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