Brighton & Hove Albion boss Fabian Hurzeler became the youngest Manager of the Month winner when he received August's top prize.
However, Hurzeler was unable to secure another nomination after his side collected just two points from their three league games in September.
While Hurzeler may be out of the running, Arteta is likely to be among the favourites to clinch the award after enjoying a successful month at the Emirates Stadium.
Arteta and Maresca feature on shortlist
Arsenal went unbeaten through September despite having to contend with tricky fixtures against Tottenham Hotspur and Manchester City.
September's Player of the Month nominee Gabriel Magalhaes scored the winner in the North London derby, before he found the net again in a captivating 2-2 draw against Man City in a game where the Gunners played the second half with 10 men following Leandro Trossard's dismissal.
Arteta's side then went on to score two stoppage-time goals to beat Leicester City 4-2 in Saturday's home clash, leaving them in third place and one point adrift of leaders Liverpool.
The Arsenal boss is joined on the shortlist by Chelsea head coach Enzo Maresca, who saw his side take 10 points from their four league matches in September.
After beginning the month with a draw against Crystal Palace, Chelsea went on to claim three consecutive wins over Bournemouth, West Ham United and Brighton.
Who else made the cut?
With his team sitting top of the table, it is unsurprising to see Slot nominated after his Liverpool side recorded three wins in four games last month.
However, Slot is the only nominee who saw his team lose in September, with the Reds falling to a surprise 1-0 defeat to Nottingham Forest.
Aston Villa boss Unai Emery is up for the prize after his charges took seven points from their three Premier League matches in September.
The Villans came from behind to beat Everton and Wolverhampton Wanderers, before they were held to a 2-2 draw by Ipswich Town.
Meanwhile, Fulham manager Marco Silva was another manager who enjoyed an unbeaten month after he oversaw a draw with West Ham and wins against Newcastle United and Nottingham Forest.
The winner will be decided by supporters' votes combined with those of a panel of football experts.
September's Manager of the Month nominees in full:
Mikel Arteta (Arsenal)
Unai Emery (Aston Villa)
Enzo Maresca (Chelsea)
Marco Silva (Fulham)
Arne Slot (Liverpool)