The Gunners have already bolstered their squad in two areas they had highlighted ahead of the transfer window opening, bringing in goalkeeper Mat Ryan and attacking midfielder Martin Odegaard on loan for the remainder of the season.
They have also been able to move on unwanted players with Mesut Ozil and Sokratis Papastathopoulos released from their contracts and Sead Kolasinac joining Schalke on loan - with his deal expiring in the summer.
While Arteta was guarded about what he expected to happen on the final day of the window, he feels the club are in control of things.
"At least when you know what you want to do and what you want to achieve it is easier," he said. "Hopefully we won't have any bad surprises and we can control what we want to do.
"We are discussing things with some players and some clubs and if we make anything before the deadline it is because we think it is the right thing for their development.
"We had some priorities that we wanted to get done and have managed to have some done.
"Some others we haven't yet and let's see again, wait how things develop today and what we are able to do or not."
It’s understood Reiss Nelson is one of the players Arsenal are keen to loan out to gain more first-team experience, while England international Ainsley Maitland-Niles could move on a temporary switch to Southampton.
There are unlikely to be any incomings but a left-back remains the one area where Arteta has admitted he would like more cover - especially with Kieran Tierney having missed the last three games.
Crystal Palace full-back Patrick van Aanholt has been linked with a move across London and it is believed the Holland international has options both in the Premier League and abroad and could move on, given his own deal expires in the summer.
Arteta did reveal it would be "difficult" for Tierney and Bukayo Saka - who has a sore hip - to return for Tuesday's trip to Wolves, while captain Pierre-Emerick Aubameyang's absence after he visited his mother who was suffering from "health issues" is expected to continue.
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