The Spain international believes the Gunners' fast start to the season has left them perfectly poised to challenge on several fronts after eight years without silverware
The Gunners sit top both of the Premier League and Group F in the Champions League after an impressive start to the campaign.
And Arteta believes he and his team-mates can take home multiple pieces of silverware if they can maintain their current form.
“I would not say just one [trophy], I would say a few,” he told the club's official website. “Of course that is very tough to achieve.
“The Premier League is very difficult, the Champions League, these are major trophies but we are on a good run.
“We are top of the table, it is still early doors, but we will take every game as it comes and at the end hopefully we’ll win a title.”
Monreal, who joined Arsenal in January from Malaga, went on to say that he thinks his switch to the Emirates Stadium came at the best time possible.
“When I was offered the chance to come here, I was in the best moment of my career,” he continued.
“I had a lot of confidence, I had [manager Manuel] Pellegrini’s trust, I felt that I played a key role at Malaga and with the national side, and I think I came here at the right time.
“The players’ confidence [is different this season]. You can tell that they are very enthusiastic, very happy, the results are going our way and logically that makes everything easier.
“We have a happy group and that is very important to playing football well.”