The Gunners saw their title hopes suffer a serious blow on Saturday as they were thrashed at Stamford Bridge.
However, Arteta believes that he and his teammates have the ability to turn their season around in the coming weeks.
"[The title race] can change at any moment. There are two midweek games again and it can change quickly around," the Spaniard told the club's official website.
"We just need to be there again because if there's any possibilities we have to be able to take it. Let's try again, it's been a difficult day but we need to stay together again and battle because what we can still get is very good."
Arsenal continue their Premier League campaign on Tuesday when they welcome Swansea City to the Emirates Stadium.