Pep Guardiola's side moved a point clear of the Gunners with a 2-1 win over Fulham on Sunday.
Arsenal have not won in four matches while City are on an eight-game winning run.
Arsenal are at least guaranteed a return to Champions League football for the first time in six seasons but having topped the table for much of the campaign they will feel hard done by if they are not able to lift the trophy later this month.
Arsenal have the chance to return to the summit at least temporarily when they host Chelsea on Tuesday and Arteta is in no mood to throw in the towel just yet.
“We have achieved what it was difficult to achieve and we can still achieve the Premier league because there are five games to go and a lot of things are going to happen still,” the Spaniard said.
“Now the title race is not in our hands anymore. What is in our hands is to try to win the games we have left and the rest is down to City.
“What we have to do is forget about what happened last week, learn from it and move on to the next game with a full tilt at home, with our people, London derby, and put things right.
“I know what we were trying to do, what the objective was what we’ve been doing and we still have the nicest part of the season to play with five games to go. But when I still look at it, this is not over.
“I am incredibly proud and thankful to everyone who has contributed to bringing Champions League football back to this club with five or six games to go, it is something that hasn’t happened in over a decade in this football club.
“So congratulations but also thank you for still being upset and not accepting that Champions League is not enough and we want more because this squad is going to demand to get what we want.”
