Arteta played alongside Oxlade-Chamberlain for Arsenal and has now wished the midfielder well.
He said: "He’s been brilliant, it's been great to share some time with him, his experiences.
"Obviously we played together as well, so some great memories. It's been really helpful to us.
"Hopefully we could help him and support him in that tough period for him and wish him all the very best whatever he decides to do."
Oxlade-Chamberlain explained earlier this year that his move to link up with the Gunners was his own idea, as he discussed the prospect with academy manager Per Mertesacker.
He said: “I spoke to Per. I asked him if it would be possible to come and train with the under-21s, and I explained how I thought I could add value as well by working with the young players. Per liked the idea, and then he obviously had to get that signed off internally.”
At the time, Arteta said of his former team-mate: “One of the best characters I met in football. If we can help him and give him the space to get up to speed and the capacity to find a club, it’s a joy. I had the privilege to play with him and, if he is around, he will be a really good role model to have around the team.”