The 29-year-old was injured in a seemingly innocuous clash with Liverpool's Jordan Henderson during the match at Anfield and was stretchered off shortly after the half-time break.
Replays of the incident suggested that is was a purely accidental collision as the Spaniard blindly turned into the Reds' midfielder when he running past.
Sky Sports reported that Arteta was: "Ok, but not great in the dressing room and was taken to hospital, the club think/hope as a precaution".
St John's Ambulance went on the field with a stretcher to remove Arteta, who was out cold at the time although reports later revealed he had come round and was feeling fine in hospital.
Abou Diaby, who hadn't played since November, replaced the Spaniard who departed to warm applause from around the ground.
Arsenal went on to win the game 2-1 courtesy of a late Robin van Persie winner and after the match Thomas Vermaelen expressed his hope that Arteta's injury wasn't too serious.
Writing on Twitter, the defender said: "Very important win today! 3 point in the pocket. Hope Mikel will get better soon. We need him!"
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