However, Guardiola says the man who has been his assistant at City for the past three years is close to becoming the Gunners' new boss.
Arteta, who said he felt he was "back home" after returning to the club he captained during his five-season spell as a player, will be tasked with reversing the fortunes of a Gunners team which have won just one of their last 12 games.
Arteta has always been tipped to succeed Unai Emery at Emirates Stadium but the move has reportedly been held up due to disagreements between the two clubs over a compensation package.
"He knows our expectations and those of our fans around the world are high and we are confident he can play a lead role in taking the club back to the levels we all demand. I'm realistic enough to know it won't happen overnight but the current squad has plenty of talent and there is a great pipeline of young players coming through from the academy".
Having learned the ropes from one of the best managers in world football, Arteta has been primed to be a managerial success for some time now. How inspirational he is to people is incredible, but to me the secret is the players and staff have to believe what you deliver.
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"The first thing is a little bit to change the energy", he said.
"We have to build a culture that has to sustain the rest".
Arsenal suffered a 3-0 loss at the hands of Manchester City last weekend in the Premier League and this time they head to Goodison Park to take on Everton. We need to engage them, transmit with our behaviours what we want to give to this club. Together with Per Mertesacker, he has done a vital job for us in hard circumstances. We prepared the game as best as possible.
Arsenal are 10th in the league table, seven points behind fourth-placed Chelsea, after five victories in 17 matches this season.
"The Gunners can not play as badly at Goodison in Saturday's early kick-off although I think Everton will edge a game between two clubs who, at the time of writing, are both looking for a new permanent manager".