Arsenal missed Ben White, Gabriel, Riccardo Calafiori and Takehiro Tomiyasu in their 1-1 draw at Fulham, and saw Oleksandr Zinchenko come off injured.
Their defensive problems appear to have worsened as all five and another two names were not pictured in pre-match training.
Jurrien Timber was their left-back against Fulham and Thomas Partey featured at right-back, with both playing the full match on Sunday.
The duo were not spotted at their London Colney training ground though, leaving Arteta potentially even lighter on defenders for the visit of Monaco.
READ MORE ON ARSENAL
Forgotten West Ham kid was as talented as Declan Rice - but there was one key difference
Will Gabriel be fit to face Monaco? Arsenal star misses Fulham draw
Arteta addressed the injury issues in his press conference and said: "We have to manage a lot of the players.
"Some of them will not be fit and available for tomorrow, some of them are still a doubt.
"We still have 24 hours to make those decisions and hopefully the right ones."
William Saliba, Jakub Kiwior and Kieran Tierney played against Fulham and are Arsenal's only senior defensive options for Wednesday.
Most read in Champions League
What Liverpool need to win Champions League table plus talkSPORT commentary and team news
Alisson starts for Liverpool as Slot aims to end with perfect record, Villa eye top eight
Van Dijk in awkward exchange with Spanish journalist over Liverpool future
Real Madrid team bus involved in crash on M40 after Liverpool defeat
Tierney could make his first appearance of the season with a start at left-back, with youngster Myles Lewis-Skelly also an option.
Kiwior may be set to partner Saliba at centre-back as he did against Fulham, though the right-back selection will likely prove tough.
White, Calafiori, Timber and Partey have all played there for Arsenal this season but look doubtful against Monaco.
Academy star Josh Nichols is named in their Champions League squad as a B list player so may be given a surprise call-up.
Arsenal do not appear to have any injury concerns across the rest of the pitch as they look to bounce back from the draw at Fulham.
They sit 7th and above Monaco ahead of the match at the Emirates Stadium, albeit on goal difference.
Arteta's side have won three of their five Champions League matches and most recently thrashed Sporting Lisbon 5-1.
Once the full-time whistle blows on Wednesday, Arsenal will have to wait over a month to return to European action.
They will face Dinamo Zagreb and Girona in their final two fixtures of the league phase in January.
Arsenal must finish in the top eight to advance to the last 16, with a final standing of 9th to 24th meaning a two-legged play-off.