Saka came out in the final minutes of the draw in the north London derby against Tottenham (2-2) Sunday in the Premier League, and he will miss the third round match of the League Cup competition Wednesday at Brentford, while hovering doubts about his recovery in time for Saturday's meeting Bournemouth in the "Premier League".
If the 22-year-old is not ready for Saturday's game, it will end his 86 consecutive Premier League games, a record achievement in the history of the London club.
Arteta said on Tuesday: "He was limping after the game. We had to carry him off the pitch, and something like that is not a good signal at all," he said, revealing the player's inability to participate in training.
Asked if Saka could miss the league game against Bournemouth, Arteta replied: "It's a possibility, yes."
Saka joins several injured Arteta's squad, most recently newcomer Declan Rice, who was substituted during the half-time break against Tottenham Hotspur with a back problem.
Arteta missed in the derby match both Brazilian striker Gabriel Martinelli and Belgian winger Leandro Trossard due to injury that deprives the "Gunners" of the services of the Dutchman Yurien Timber and Ghanaian Thomas Partey as well.
Saka's long-term loss, if it happens, would be a severe blow to Arteta's side after the young international's promising start, who scored four goals with four assists in the first eight games of the season in all competitions.
Arteta once again highlighted the fatigue of the players due to too many matches, and his possible role in many injuries, saying: "It is true that they play for national teams, and they come from a season in which they played the World Cup and some players played more than 60 games."
"We're trying to find ways to avoid them (injuries) but it's part of football."