Arteta is currently celebrating the fifth anniversary of his arrival at the Emirates, where he took control of the reins from Unai Emery after working as an assistant to Guardiola at Man City.
The Spaniard has been credited for changing the culture of the club, who struggled to obtain Europa League football when he first took over but are now consistently challenging for Premier League glory.
The Gunners have finished second to Man City in back-to-back campaigns and currently reside in third place in the Premier League table before Saturday's trip to Crystal Palace, whom they also beat 3-2 in midweek to reach the EFL Cup semi-finals.
Arteta penned a contract extension with Arsenal as recently as September, and the 42-year-old's current terms run until 2027, but that has not stopped the former midfielder being linked with other top jobs around Europe.
Arteta: 'Impossible for me to manage another Premier League club'
Guardiola said in 2019 that he expected Arteta to eventually succeed him at the Etihad, and it was reported in 2022 that Man City were considering the ex-Everton man as their new head coach when Guardiola leaves.
However, speaking to the media ahead of Saturday's trip to Palace, Arteta confirmed that he could not envisage himself managing another Premier League team, saying: "At the moment, impossible.
"I have very limited energy because I put all of it into this football club, to the players and the staff to give my very best. And that's my only ambition, to make this club more successful.
"I think you have to live in the present in this job. Obviously you have to plan for what is coming in the mid and long term, that's for sure, and we have a lot of conversations regarding that.
"But I think the energy has to be in the moment, paying attention to every detail and understanding how things are working, putting more processes in place to make better decisions and obviously have that aim to keep everybody fit, to get the best out of them and make sure that they feel part of what we do."
When could Guardiola leave Man City?
Arteta's "at the moment" comment may suggest that the Arsenal boss could have a change of heart further down the line, but Man City will likely have to cross him off their list of candidates to step in for Guardiola.
It was reported in the summer that City chiefs were resigned to losing Guardiola when his previous contract expired in 2025, but the ex-Barcelona and Bayern Munich boss decided to sign on the dotted line for another two seasons.
However, Guardiola has openly begun to question himself amid City's disastrous streak, as the champions have lost eight of their last 11 matches, form that could very well lead to managers of bottom-half teams being sacked.
The Citizens giving Guardiola the boot is unfathomable, but the 53-year-old has told the press that he will have no qualms about stepping aside if he feels that he can no longer do his job to the best of his ability.
If Man City continue to slide down the table in the New Year, that day may very well come sooner rather than later, although he has previously affirmed that he will remain in charge even if the club are found guilty of their 115 alleged Premier League rule breaches and are relegated from the division.
Written by
Ben Knapton