Auba turned down the opportunity to sign for FC Barcelona.
Arteta insists the Gunners are "as big" as Spanish giants Barca.
Mikel Arteta believes the main reason why striker Pierre-Emerick Aubameyang extended his contact at Arsenal is because the North London side are an "incredible" football team.
The Spaniard revealed that the Gabon international turned down a move to LaLiga giants Barcelona before putting pen to paper on a three-year contract.
Aubameyang, who attracted interest from several European heavyweights such as Real Madrid, Manchester City, and Inter Milan, helped the Gunners win the FA Cup and Community Shield this summer.
And, the 31-year-old has started the 2020/21 season on a high, netting in Arsenal’s 3-0 win against newly-promoted Fulham.
"I think a big reason why Auba is staying is because we have an incredible football team," Arteta said.
"We have some fantastic people working here and he feels the love from the fans.
"I did my part, explaining to him what we are trying to do, explaining to him how important he is going to be, what we are building. That's it. The club has to take credit for that and all the people who put together this package for him to stay."
When asked about the interest from Barca and Inter, Arteta replied: "The size of our club is as big as those names. The most important thing is the football club. What we inspire to be, and what we can achieve in the future.
"We must make sure that our players believe in our project."
Since Aubameyang joined Arsenal from Borussia Dortmund in 2018, he has scored 72 goals in 112 matches.