The German reportedly agreed a three-year deal with Fenerbahce on Wednesday, ending his £350,000-a-week deal with the Gunners.
But there have been fears inside the club that Ozil could see out the 25 weeks left on his contract to take £8.75million and huge “loyalty bonuses” in June.
The 32-year-old’s agent, Dr Erkut Sogut, did suggest that a decision over his client’s future would come soon.
And Arteta has echoed this statement when discussing the midfielder in his latest press conference
“A decision has to be made when you have to register or not register players, when you have to play them or not play them all the time.
“We know we have a really important player that is one of key players in the past few seasons for this football club. We had to make a decision, I had to make a decision. I made it. I knew the consequences of it.
“Now we will have to make another one in January and we will just put in the balance what is best thing for the club, what is the best thing for the team and what the intentions of the player are and try to find the right solution.”
Ozil would be eligible for the FA Cup if he is selected - but he is free to talk to other clubs due to being in the last six months of his contract.
Arteta added: “I don’t know what is going to happen, obviously now he is free to negotiate with other clubs.
“We will discuss internally what is the best situation for him in the near future, with the player and the agent, and try and find the best solution for everyone.”
Arteta also confirmed that Ozil has been training with the first team but was given time off “for something personal” recently.
It comes as fans were left distraught at the news that the midfielder could move to Fenerbahce.