Luiz only moved to North London from Chelsea last summer for a transfer fee of £8m, signing a one-year contract with the option to extend for a further year.
Despite the Premier League resuming on Wednesday, Arsenal are yet to take up their option of extending Luiz’s deal.
The former Paris Saint Germain defender has recently spoken of his desire to return to his first European club, Benfica, but the Portuguese champions’ president Luis Filipe Vieira says his side do not have the financial capabilities to re-sign the Brazilian international.
Arteta is keen to see an experienced member of his defensive set up commit to fresh terms at the Emirates Stadium ahead of the season’s resumption following the coronavirus-enforced break.
"I am really happy with David, I want to keep him here with us. He's been a key role model since I joined," Arteta said at a virtual news conference to preview Arsenal’s return to action against Manchester City on Wednesday.
"I like what he produces on the pitch, I like his influence around the players and the club.
"I would love to keep him."
Despite Arsenal’s managerial position changing hands a number of times this season, Luiz has been fairly constant under Unai Emery, Freddie Ljungberg and Arteta, racking up 32 appearances in all competitions and scoring two goals.
