Arteta, who played for the Gunners between 2011 and 2016, replaced Unai Emery at the Emirates Stadium midway through a topsy-turvy season.
After losing 2-1 at home to Chelsea, Arteta has led the north Londoners to a seven-game unbeaten run in all competitions, with three wins and four draws.
Although Arsenal are currently 11th in the English top flight with 31 points from 25 league outings, ex-Nigeria international Kanu gave the tactician a pass mark, while hoping that the team keeps improving.
“So far so good, I don’t think he is doing badly. Everybody loves him and he is trying to organise the team and also impose his own system,” Kanu told Goal.
“It’s always difficult when a new manager comes in because you want them (the players) to follow you in whatever you want to do.
“Sometimes some players might not understand what you are doing, and if you are lucky, everybody will be in the same direction.
“If you look at the games they have played so far, there have been a lot of draws which I think is making the team steady and when he gets things rights, the results will come.
“Whoever knows the Premier League knows that every team wants to win.
"Knowing where Arsenal are now and where they are coming from, a draw is better than losing games, however, the team must do better."
Arsenal take on Newcastle on Sunday, and victory over Steve Bruce’s men will see them overtake Burnley in 10th position.
After the Magpies clash they visit the Karaiskakis Stadium for Thursday’s Europa League showdown against Olympiacos.