Following the summer departures of Cesc Fabregas and Samir Nasri to Barcelona and Manchester City respectively, Arsenal fans were crying out for a new playmaker, and their prayers were answered when manager Arsene Wenger snapped Arteta up last Wednesday.
However, the Spaniard was not the only player to seal a move to Arsenal on the final day of the summer transfer window, with the Gunners also confirming deals for German defender Per Mertesacker, Brazilian wing-back Andre Santos and Israel international Yossi Benayoun.
Due to the international break, Arteta has not been given an immediate opportunity to make an impact at the club.
Nonetheless, with Barclays Premier League action due to resume this Saturday, with Arsenal scheduled to play newly-promoted Swansea, Arteta is hoping for a chance to endear himself to the Emirates faithful.
"I can't wait to start playing," Arteta told Arsenal Player. "I can't wait to play at the Emirates - I think it's an unbelievable stadium.
"I'm so excited."
Arteta also revealed his joy at joining a team that he has always admired, and believes no other team play better football than the Gunners.
"I have always been a big admirer of the Arsenal philosophy, the way the play, the way they do the job, and it's always exciting watching Arsenal play.
"In England, there is no better team to watch than Arsenal."
Arteta does admit it might take him some time to fully gel with his new team-mates, but is confident he will be a hit at the Emirates.
"Hopefully I will not take long to adapt but obviously you need to meet new characters, new personalities and new players with different abilities, so you need to pick that up as soon as possible to get an understanding on the pitch.
"But I have been watching a few videos and have got some work done before training, and hopefully that will help me."
Arteta first moved to England in 2005 when he joined Everton from Real Sociedad, and went on to make 208 appearances for the Toffees, scoring 33 times.