The Spaniard believes the Gunners have fallen behind their rivals with a lack of spending in recent years, and hopes the pursuit of Luis Suarez heralds a change of approach
The Gunners believe they are in with a chance of tempting Suarez south from Liverpool, despite the Uruguayan attacker's claims that he wants to leave England.
And Arteta, speaking in Vietnam where Arsenal will play the national team in a friendly on Wednesday, feels the fact his club is tabling a bid for such a talented player is a sign of a shift in their approach.
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"The club have said they are going to be very ambitious in the market and have got the financial resources to get big players," Arteta said.
"I think it's about time. When you compare us to other top English clubs and the money they have paid, we are very far apart.
"Now, financially, they are very strong so maybe we will be more aggressive in the transfer market.
"Big signings create a good atmosphere and we need to do something because other teams are doing it and I think we will."
Arteta said he is hopeful the club can convince Arsene Wenger to stay at the Emirates beyond the end of this season, when the manager's contract expires, saying the Frenchman was a large reason for his move from Everton two years ago.
"When you sign for Arsenal, you are absolutely signing for the manager as well," the Spaniard said.
"Everyone knows what a great manager he has been. He gives you a positive to make the decision to join the club.
"I don't think it will be any different for the new players who are arriving because he has got a big reputation and they want to try his philosophy. Any player will always improve under him.
"He is someone who has brought stability to this club. He has changed the way this club works.
"I don't know what's going to happen, that's a decision between him and the directors but the players are really happy with him and want to succeed with him."