Arteta confirmed on Monday that Saka will be out for “many weeks” after tearing his hamstring and the Gunners will have to cope without fellow right winger Raheem Sterling, who has a knee injury.
Arteta says that Arsenal will look internally for solutions, but they are “ready” if an opportunity presents itself next month.
The club has had recent success operating in January, securing deals for Jorginho and Leandro Trossard last year and landing Martin Odegaard on loan in 2021.
“Well, my focus honestly now is just about within the squad the resources we have to be as competitive as we possibly can,” said Arteta.
“We have many, many options to do that. And if something unbelievable [becomes] available and if the club is willing to do it, we’ll have to consider it.”
Arsenal head into the January transfer window with Jason Ayto as their interim sporting director after Edu resigned last month.
Edu played an integral part in the building of Arsenal’s current squad, but Arteta believes the club can operate efficiently and swiftly next month if a player they like becomes available.
“The preparation is done and we are ready if something happens,” said Arteta. “Obviously we didn’t predict a situation with Bukayo and Raheem at the same time.
“We predicted more it would be something else, for example if something happened in the defensive line, but the job is done.
“Then, OK, if something has to happen, we will be open. But the main focus is now, how will we extract still a lot of potential that there is in this squad.”
Arsenal have options to cover for Saka being out. Gabriel Martinelli played there on Saturday night during the 5-1 win at Crystal Palace.
Ethan Nwaneri, Gabriel Jesus, Kai Havertz and Leandro Trossard could also play there if required.
“I am putting some ideas together,” said Arteta. “I haven’t got there yet, but I have a few.
“Then I want to speak with them as well to understand how we are going to generate that and take it in a positive way, because that is going to mean we are going to be different.
“We went through the period with Martin [Odegaard], the period with five or six defenders missing, the period without many other players. We will continue to do that, finding ways and taking it with positive energy.”