Arsenal have been tipped to beat Manchester City and Liverpool to the Premier League title this season by former goalkeeper David James.
The Gunners finished some way off the pace last season in eighth place with Arteta joining midway through the season.
However, they also managed to beat Manchester City and Chelsea in their run to lifting the FA Cup at the end of the campaign.
They've also added Gabriel Magalhaes and Willian to their ranks this season, while William Saliba has finally joined up with the squad following his transfer last year, and Pierre-Emerick Aubameyang has signed a new contract keeping him at the club until 2023.
And James feels that Arteta's methods mean that the Gunners have a chance to overcome the competition this year.
"I just think with Arsenal, what Arteta was doing, or trying to implement last season and they started doing, he's had more time to get his team working well," James told Punching.TV.
"They looked fantastic against Fulham, arguably you would expect them to win.
"I think Arteta's got an opportunity with a gifted squad to go all the way. There's no reason why they can't do it, other than Manchester City and Liverpool reproducing the sort of form they've been doing over the last two years.
"As everyone knows, winning the league is not easy. Winning the league twice is very, very difficult. When Liverpool have had almost two perfect seasons, you wonder whether they can reproduce that.
"As a football follower I just like what Arteta's doing and I think they've got the chance."
Arsenal got their Premier League campaign off to a flying start with the 3-0 win over Fulham at Craven Cottage last weekend.
They face another London derby on Saturday evening in their first home game of the season, with David Moyes' West Ham side heading to North London after their 2-0 defeat against Newcastle and a 3-0 win over Charlton in the Carabao Cup.
