Second-placed Arsenal now trail defending champions Manchester City by two points, with six matches to go.
"I am now fully focused on the times ahead of us. We are now behind Manchester City and will give it a good go," Arteta told reporters on Friday ahead of visiting 11th-placed Wolverhampton Wanderers.
"Let's see what we can do now, to fight for what we want, which is to win the Premier League... a turnaround can look really, really positive for us."
The Spaniard said he was not thinking about whether City would drop points, but wanted Arsenal to be ready for every eventuality.
"The better you become and the better you are at fighting with the best teams this league has ever had, you know what the margins are," Arteta said.
"You have to be in the mix and you have to be ready for any situation that comes at us."
Arteta said there were no fresh injury concerns for the team but Jurrien Timber, who suffered an anterior cruciate ligament (ACL) injury in August, will not make his return on Saturday.
"Too soon for him. He's going to continue to play for the Under-23s. He looked good in training. He now needs to make that step and the certainty to go. The rest are all good," he said.
