The 33-year-old is recovering from an ankle problem but manager Arsene Wenger is keen to hold on to the Spaniard by offering him a 12-month extension.
However, the former Everton playmaker, who will miss   Saturday's FA Cup semi-final against Reading, wants to get fully fit before signing a new deal at the Emirates.
"My only aim is to get back fit and try to perform on the pitch," he told Sky Sports.
"As long as I do that I am sure that I will continue with this club, with the relationship I have with the club and the respect I have from everybody here.
"In May, when everything is fine, we will sit down and talk and it will take five minutes," said Arteta who signed for the Gunners on transfer deadline day in August 2011.
Arteta, who had ankle surgery in January, has not played since November's Champions League win over Borussia Dortmund when he suffered a calf injury.
He plans to step up his rehabilitation next week and could return for the Premier League clash with Chelsea on April 26.
"I am not far. I have done five or six sessions with the first team and I am feeling good," Arteta added.

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