Arsene Wenger's men face Championship outfit Wigan Athletic at Wembley on Saturday knowing that they are odds-on favourites to win the competition, with Hull City and League One's Sheffield United set to contest the other last-four clash.
The Gunners are the in the middle of a nine-year trophy drought, and Arteta claims that bringing an end to that infamous barren spell would open the floodgates of major honours for the North Londoners.
"We want to win it," the Spaniard told The Mirror. "Do we have to win it? Probably we do. But we really want to win it as it will mean a turning point for the club.
"You complete a season and win something, you get some confidence and everything starts rolling."
Next week's encounter is scheduled to kick off at 5.07pm to mark the 25th anniversary of the Hillsborough disaster.