Arteta is yet to name a new permanent captain after stripping Aubameyang of the role following a disciplinary breach at the beginning of December.
But the Gunners boss has been sent a warning about one player who could be a potential candidate to wear the armband.
It comes as newly-rich Newcastle prepare an offer for the former Arsenal captain during this month’s January transfer window.
And details of Arteta’s dream Arsenal XI after this month have been revealed.
Arteta’s dream XI
There are two major changes in Arsenal’s dream starting XI should they pull off the perfect January transfer window.
The Gunners could move for a new forward with Pierre-Emerick Aubameyang seemingly frozen out by Arteta and Alexandre Lacazette yet to commit his long-term future to the club.
Arteta is believed to want a new centre-midfielder, with the club being heavily linked with a highly-rated star who is said to have a “gentleman’s agreement” allowing him to move on this month.
It all adds up to a crucial month for Mikel Arteta and Arsenal’s technical director Edu, who are expected to try and do business during the course of the transfer window.
Mirror Football has looked at the best-case and worst-case scenarios for Arteta’s team, and how they could line up come the end of the month.
The Magpies, currently 19th in the table and two points off 17th-placed Watford, have cash to burn in the January transfer window following their takeover by Saudi Arabia’s Public Investment Fund.
And they have now sounded Arsenal out about a potential loan move for Aubameyang – with a view to a £20million summer deal.
The Gabon striker has left Arsenal to take part in this month’s Africa Cup of Nations, but if Newcastle’s approach is successful he may never play for the club again.
Mikel Arteta faces a big decision about the club’s next captain – but has been warned he can’t rely on Granit Xhaka for the role.
Xhaka’s foul on Man City winger Bernardo Silva ultimately led to the equaliser during their Premier League encounter on Saturday with referee Stuart Attwell awarding a penalty after being encouraged to check the pitchside monitor by VAR.
And Andy Gray believes Xhaka gave away “a stupid penalty” against Manchester CIty on Saturday with “really poor defending”.
The pundit told beIN SPORTS the Arsenal midfielder “has not got the excuse of youth and naivety” and should not be making such mistakes as a senior member of the squad in a strongly-worded warning to Mikel Arteta.