Arteta won the FA Cup as captain when Arsenal ended a nine-year trophy drought in 2014, AFP reported.
Yet despite winning the competition twice more in the six years since, standards have continued to slip at the Emirates since Arsene Wenger's departure two years ago.
Despite an upturn since Arteta's appointment in December, eighth place in the Premier League was the Londoners worst league finish in 15 years.
"For me this club deserves the best and you have to be fighting for every title," said the Spaniard on the prospect of silverware and a place in the Europa League next season redeeming a miserable campaign.
"Obviously after everything that happened, if we are able to win the final and qualify for Europe, we can say it's okay. But it's not the level for this football club."
The Europa League may be the poor relation to the riches and prestige of the Champions League, but failure to qualify for European football at all for the first time since the 1995-96 season would be a further blow to Arsenal's already fragile finances.
Due to the lack of Champions League football, the Gunners posted a loss of £27 million ($35 million) in the 2018-2019 campaign for the first time in 17 years.
That was despite generating nearly £40 million in TV and prize money from a run to the Europa League final and before the consequences of the coronavirus pandemic saw the club's playing and coaching staff agree a 12.5 percent pay cut.
Victories over Liverpool and former employers Manchester City in the space of four days earlier this month have given Arteta plenty of credit in the bank from the Arsenal support.
But questions remain over how much he can do to restore the club's former glories if he is not backed in the transfer market.
"The gap is enormous," said Arteta after beating Liverpool despite having just 33 percent possession and three shots to the Premier League champions' 24.
"You know how you build those squads, there is no magic.
"You need to improve with quality players and you need bigger squads to compete in this competition."