The Spaniard, currently sidelined with an ankle injury, is out of contract at the end of the season, and Arsene Wenger revealed on Thursday that he is keen to extend the 33-year-old's current deal by at least another 12 months.
Arteta is currently focused on returning to full fitness, but he claims he will commit to a new contract quickly when he opens talks with the club later this year.
"My only aim is to get back fit and try to perform on the pitch," he told reporters.
“As long as I do that I am sure that I will continue with this club, with the relationship I have with the club and the respect I have from everybody here.
"If I don't do that then I am not going to be here because I don't want to be somewhere where I cannot perform at my best and give what I think I can give.
"In May, when everything is fine, we will sit down and talk and it will take five minutes."
Arteta has been out of action since November last year, but the former Everton midfielder says he is closing in on a return.
"I am not far. I have done five or six sessions with the first team and I am feeling good," Arteta said.
"I don't feel I am ready to start, but I'm almost there. It has been a long process, I don't want to rush it."