Aubameyang, 31, has entered the final 12 months of his existing deal and ESPN revealed earlier this month that he has requested a three-year deal worth up to £250,000-a-week.
Talks are ongoing with the outcome pivotal to Arteta's rebuilding job. Aubameyang has contributed 20 Premier League goals this season and scored twice as the Gunners beat Manchester City 2-0 at Wembley on Saturday to set up an FA Cup final meeting with Chelsea.
The striker is keen on staying but the club's ability to meet his financial demands will be influenced by whether or not they qualify for European football next season.
Arsenal have limited transfer funds, while head of football Raul Sanllehi and managing director Vinai Venkatesham previously stated they will sell players with a year remaining rather than allow them to leave on a free.
"When I was talking about the uncertain things that we have on the table, obviously he is one of them and there is another one of where we are going to finish and whether we are going to be playing in Europe or not which is going to have an impact," Arteta said.
"And then all this situation, the market and how it's going to develop. With Auba, I think I've been very clear with what I want. The quicker we do it for me personally the better because the player will be more focused, more determined and more calm. But we have to respect the timings as well and the needs that the football club has."
Arteta also dropped a hint for Matteo Guendouzi and Mesut Ozil that "there is always a way back" for any player whose Arsenal career looks over, highlighting the renaissance enjoyed of late by Granit Xhaka.
The midfielder was stripped of the captaincy in November following an angry exchange with Arsenal fans as he was substituted against Crystal Palace in the final days of Unai Emery's tenure as head coach.
However, Xhaka has become a key figure at the club again -- even wearing the armband on occasion -- after redoubling his efforts in an example Arteta wants Guendouzi and Ozil to follow.
Ozil has not played a minute since the restart as Arsenal seek to offload his £350,000-a-week wage, while Guendouzi was dropped and told to train away from the first team after being involved in several unsavoury incidents as the Gunners lost to Brighton last month.
"The challenge with Granit was to convince him that there was still a place for him here, that I had big belief in him and that things can turn around pretty quickly in this industry," Arteta added.
"He had to send the right messages, first of all he had to believe that he could do it and if that was the case we were going to support him all the way through.
"I am really glad to hear and sense as well the reaction from the fans towards him. I think they can appreciate what he has done, that's in the past and there's a lot of positives to take from difficult situations.
"We all learn from that and I think he is a really good example for any player that is in a difficult moment. If you are willing and if you are consistent and you really want to do it there is always a way back."
Shkodran Mustafi will have a scan on a hamstring problem sustained against City and is a doubt to face Aston Villa in the league on Tuesday but Eddie Nketiah is available after a three-game suspension.