The Spaniard - who has just one year remaining on his contract - is reported to be a target for Athletic Bilbao following Ander Herrera's big-money move to Manchester United last week
Arteta started his career as a trainee at Barcelona and also spent a season with Bilbao's rivals Real Sociedad. and his representative, Inaki Ibanez, has rubbished talk of a return to his homeland.
Ibanez told El Mundo Deportivo: "This is totally false. Mikel has no interest in leaving Arsenal."
The 32-year-old joined Arsenal in 2011 after six years at Everton and captained the team as they ended their nine-year trophy drought by beating Hull City in the FA Cup final in May.