Toffees boss speaks of his disappointment at Spaniard's last gasp move to the Emirates and says the offer of top European football may have been the deciding factor
Arteta moved to the Emirates Stadium on a four-year deal late on in the transfer window.
Moyes told the club's official website: “Mikel indicated to me that he wished to join Arsenal if a bid came in.
"I am very disappointed to lose him but the prospect of Champions League football was something I wasn’t able to offer him.”
Moyes will now hope his thin squad can cope with Arteta's departure, with Marouane Fellaini, Jack Rodwell and 17-year-old Ross Barkley expected to fill the gap left by the former Rangers man.
Everton finally made their first first-team signings of the summer on the final day, bringing in Argentine forward Denis Stracqualursi and Dutch wide man Royston Drenthe on season-long loan deals.