Ozil, whose contract at Arsenal ends this season, has not played for the London club since March last year and was omitted from their Premier League and Europa League squads for the first half of the season.
Ozil, 32, is free to negotiate with other clubs this month and British media reported he was in talks with Turkish club Fenerbahce and American side DC United.
"We will decide what's happening in the next few days, I don't know what is going to happen," Arteta told reporters ahead of Saturday's FA Cup home game against Newcastle United.
"We'll discuss internally what the best solution for him is for the near future, obviously with the player and agent too, and try to find the best solution for everyone.
"If something was sorted this month, it's because it's good for both parties, it's good for Mesut and his future, and it's good for the club. If that's the case, we'll move forward. If it's not the case, the player will stay here."
Ozil can be named in the Premier League squad again this month but when Arteta was asked about the prospect of the playmaker returning to the side, the Spanish boss remained non-committal.
"We have to make a decision," Arteta added. "I had to make a decision (at the start of the season) and I made it. I knew the consequences of it and now we're going to have to make another one in January."
