The Gunners suffered a 1-0 loss to Bayern Munich in Germany thanks to Joshua Kimmich’s header in the 65th minute to end their European adventure on a painful note.
The Spanish manager rued his side’s inexperience for the defeat, and he has promised to show love and support for the players.
Arteta said: “We haven’t played this competition for seven years and we haven’t been in this stage for 14 years.There’s a reason for it.
“We want to do everything fast-forward, super-quick, in one season. I think we have the capacity and the quality to be in the semi-final because the margins are very small.
“When you look historically, it took other clubs seven, eight or 10 years to do it. Today, that’s not going to make us feel better that’s for sure.
“What I need to do is stand right next to them and give them support and our love and we have to pick it up because on Saturday we have a big, big game.
“We are still playing for the Premier League. The Premier League is there and we really want it. We have to show now that we are capable of turning this around.”
It has been a disappointing week for Arsenal, they suffered a 2-0 loss to Aston Villa in the Premier League on Sunday, which dented their Premier League title hopes.
The Gunners have a date with Wolves at the Molineux on Saturday, failure to win will see them wave goodbye to their title dreams.