The Spaniard refuses to believe that Arsenal cannot still win the league.
Defeats to Manchester United and Swansea City, coupled with a 2-2 draw at second-placed Tottenham Hotspur last Saturday, was considered to have put paid to the Gunners' hopes of winning a first league title since 2004.
There are, however, nine more games left to play, meaning 27 more points on offer, and Arteta says that the North Londoners - also still in the FA Cup and Champions League - are well equipped to bridge that gap from the Foxes.
“This is something we have deal with very, very carefully because I think we have so much desire and ambition to win trophies like the Premier League at the moment,” the Spanish midfielder told the club's official website.
“We are going to be there until the end but we need to find the balance between everybody to be helpful but not push too hard where we destroy that. We have to deal with that carefully as I still believe we have the potential to win and have everything required to win it."
The Spaniard receives full marks for his optimism, but the ex-Everton man might run into opposition from Arsenal fans, many of whom believe that their shot is gone for at least another year.
Manager Arsene Wenger might also call time on his 20-season stint in North London if Spurs or Leicester win the title, with supporters unfurling an anti-Wenger banner in the club's 4-0 FA Cup win over Hull on Tuesday.
It is hostile times at Arsenal at the moment, and the 66-year-old Frenchman might have to answer for it if his side fall short for a 12th successive year.