The winger was forced to leave the field during a hard-fought 1-0 victory against bitter rivals Tottenham in the Premier League on Sunday.
Saka is the latest star that is giving Arteta a headache, after the injury to captain Martin Odegaard.
Arteta said when asked for an update: "I don’t know. I made two changes with the front players and suddenly he’s down.
“I looked at the bench and the options that we had and we had to adapt. I don’t know exactly what it is but he could not continue.
"We still have to wait and see the news. He certainly wasn't available to play today," added Arteta.