The North London club will take PSV over two legs in the first knockout round of the competition, with the first match taking place in the Netherlands on March 4, before the pair lock horns in England on March 12.
Saka has been out since December with a hamstring injury which required an operation, while Martinelli suffered a hamstring problem earlier this month, and the pair are currently on the sidelines.
Arteta was quizzed on their fitness ahead of Saturday's Premier League clash with West Ham United, but the Spaniard was unable to reveal whether either could be involved in the upcoming two-legged affair.
"I'm not sure, that's a question for the doctors. They are both evolving really well, probably Gabi Martinelli is a bit ahead of Bukayo because of the extent of the injury, but then we will have to see the next steps and the previous weeks before that, how the boys are feeling and what we are prepared to do," Arteta told reporters during his press conference.
Saka, Martinelli are both out for Arsenal with hamstring injuries
Gabriel Jesus and Kai Havertz are also both out of action for the season through injury, while Takehiro Tomiyasu was recently forced to undergo an operation on a troublesome knee problem.
Arteta said that Tomiyasu has been "trying everything" in a bid to avoid further surgery, but it was ultimately decided that the versatile defender would have to undergo a second operation.
"He's been trying everything he possibly could to try to avoid [surgery]. We did that as well with the department. At some stage it wasn't reacting as well as we needed it to, so we decided between all parties that the best thing to do was have surgery again," said the Arsenal boss.
"Unfortunately it's going to keep him out for a long period again and it's very sad because he is a player who lives for the game. He is really keen to play and be consistent, and when he is at his level he's an incredible player for us.
"We are constantly trying to do that, but as a foreign person you don't have your family and relatives around you, you are on your own for many months. Especially for him, his life is football. When you understand what he does during the day, it's just preparation for the next day, to be in the best possible condition.
"When injuries deny you that possibility to play and fulfil the purpose you have in your career, it's very, very tough and hopefully he knows we are all here trying to help him but it's tough. He needs to go through those moments, and I've been there, it's a very lonely process."
Arteta defends Sterling amid recent criticism
Arteta has also come to the defence of Raheem Sterling, with the Englishman's recent performances drawing a host of criticism.
When asked whether the 30-year-old is lacking confidence, the manager said: "Hopefully not because we try to give him as much as possible. That's a question for him but we are all behind him, we all want the best for him. He's going to be really important so we need him at his best. We only need players with that mindset; to be here and impact the team.
"I see a player who is so experienced, he knows it's about the next action, the next action and the next action. Apart from that there is nothing else to live. He is doing everything he possibly can to make it work."
Sterling made the move to Arsenal on loan from Chelsea last summer, but he has only managed one goal and two assists in 19 appearances for the Gunners in all competitions.
Written by
Matt Law