The Egypt international, who has recently been at the Africa Cup of Nations with his country where they lost in the final to Senegal, has made just seven league appearances this season.
And his agent, Alan Nazmy, claims the midfielder had multiple offers to leave last month, from clubs across Europe and the Premier League.
However, Arteta stopped any move, with the Spaniard clearly feeling he lacks options in midfield.
Nazmy revealed in a statement, via Turkish outlet Sporx: "[Elneny] stayed in the team because Arteta did not want to sell."
The report goes on to state Newcastle, Leeds, and Watford were interested in the 29-year-old.
There was also the opportunity for him to move back to Besiktas, where he spent the season on loan last year, fellow Turkish club Galatasaray, as well as Lyon, Marseille and Valencia.
However, he will now remain in north London until at least the end of the season, when his contract expires.