One shouldn't forget that in what condition Arsenal were before Arteta took over. Arteta is the one who made Arsenal a team which are fighting for the championship every year. Therefore sending Arteta from the team would be the biggest mistake Arsenal can do. Arsenal's target should be to finish the league in top 4 and be successful in the Champions League this season.
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If Arteta leaves Arsenal, it is not the best decision for the team because, since Arteta took over as manager, the club has performed well and finished in the top four. I have never seen Arsenal fight for the title every season, as they did under Arteta. I've always viewed Arsenal as a team that isn't capable of competing for both the league title and the Champions League at the same time; using their present players. They shouldn't be putting lots of effort into the Champions League because it will be difficult for them to get through to the final.
However, Arsenal had a better chance to win the Premier League over Manchester City last season if they had focused more on the Premier League matches with less on the Champions League. This is only the beginning of the season, yet it appears like Arteta is not capable of fighting for the championship this season since they have refused to learn from previous mistakes. But they need to do well and finish among the top four.