Aubameyang’s existing deal runs out in summer 2021, and the 30-year-old said last week that he feels he is approaching a “turning point” in his career.
While Arteta said he is hopeful that a deal can be agreed with the Gabon international, the Spaniard acknowledged that the Gunners must match the player’s ambition on the pitch.
“We have many discussions with Pierre, with his family and his agent,” Arteta said. “I’m pretty positive we can find the right agreement for all parties.
“I think it is our responsibility to make him feel this is the right next step in his career.
“In order to do that he needs to feel valued, he needs to feel he belongs to us and that we want him.
“He really needs to believe we can take this club forward in the way we want to and he’s going to be a key part.”
Since joining Arsenal from Borussia Dortmund in 2018, Aubameyang has failed to win any silverware.
“[Arsenal] have the keys,” Aubameyang said on French football programme Telefoot. “It is up to them to do their work and, after that, we will see how things go.
“It’s a turning point in my career and I want to be honest with everyone. It’ll certainly be a very difficult decision to make.”
Arsenal travel to second-placed Manchester City on Wednesday as the Premier League restarts following a three-month suspension due to coronavirus.
Arteta’s side are ninth in the table on 40 points – one point behind north London rivals Tottenham and five behind fifth-placed Manchester United.