Asked if Saka could miss Wednesday's League Cup third round trip to Brentford and league game at home to Bournemouth on Saturday, Arteta told reporters: "It's a possibility.
"He was limping after the game [against Spurs], which is never a good sign. He hasn't been able to participate in the [training] session."
Arteta said midfielder Declan Rice had also not trained since being forced off at half-time in the north London derby with a back issue, adding: "He could not carry on in the game and hopefully it is nothing too big.
"We are confident. He was uncomfortable and that was never a good sign. Hopefully he will get better."
"It is a long list ... It is the situation that we have at the moment and we need players back, that's for sure," Arteta said.
He added that his ability to rotate the squad for the clash with Brentford had been hampered by the injuries.
"To change 11 or 12 players tomorrow, it is not a possibility," Arteta said.
"There are a lot of players that need minutes. Some players have not had many minutes and they are going to have that exposure tomorrow."