Aubameyang will be meeting Arsenal for the first time since initially leaving for Barcelona in the January transfer window, before retracing his steps back to England at the start of this season, signing for the Gunners' London rivals.
The former Gabon international spent four years at Arsenal, scoring 92 goals in 162 appearances.
He captained Arsenal to their only trophy under Arteta; the FA Cup in 2020.
But the pair fell out in December last year when Aubameyang was stripped off the captaincy after a disciplinary breach.
Aubameyang did not play for Arsenal again after the incident before leaving the club.
"It's a decision that we had to take and there are different parties involved," Arteta stated ahead of this weekend's clash.
"At the end of the day, when someone is not with us any more and being a player and having the role that he had at the club and how important he was, you always wish everybody the best.
"When someone makes that decision to move somewhere else, they need to enjoy their profession, and he seems to be happy."
"If Auba has something, it’s the ability to put the ball in the back of the net," he added.
"He’s going to be doing that until the day that he decides he’s had enough of football.
Aubameyang has scored three goals in 11 games for Chelsea so far.