The new Gunners captain is entering the final year of his current deal and the Frenchman is hopeful that he will not become the latest skipper to leave the Emirates Stadium
The Spaniard replaced Thomas Vermaelen as skipper after the Belgian became the fifth captain in nine years to be sold by the Gunners.
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He told the press: "You know the policy, nobody accepts it - but, even [players] at 75, you ideally want to sign for one more year!
"He is a strong personality, Mikel Arteta. I don't really doubt that he will extend his contract but, at the moment, it is not done."
Arteta joined Arsenal from Everton in 2011 and has gone on to play 124 times for the north Londoners.
He featured in all but one of their FA Cup games last season as Wenger's nine-year trophy drought was ended through a 3-2 Wembley win over Hull City.