Arteta has been named Manager of the Month after his Arsenal side won all three of their league games in September.
Their resurgence in form included an emphatic 3-1 win in the North London derby against Tottenham, as well as crucial victories against Burnley and Norwich.
Those wins have lifted the club to 11th in the table after a turbulent start to the league campaign which saw them suffer three consecutive defeats in their opening games.
Former Arsenal midfielder Paul Merson believes the club could challenge for a top-four spot this season under Arteta.
“They have set themselves a yardstick now, they’ve put the bar there, now good teams stay at that level,” said Merson.
“I did not expect them to lose to Tottenham at all, as they have been very fortunate in their results so far.
“Mikel Arteta had a lot of injuries at the start of the season and what I liked about him was he went to Burnley with a very attacking team, under pressure, and he took a chance, got the ball down when they had it and played.
“And he absolutely produced in that game and they were brilliant when everyone thought they would be bullied.”