Time is running out for the Gunners who have been consistently linked with a move for the 27-year-old.
The La Liga giants are reluctant to sell with the player's €50m buyout clause becoming a major stumbling block to tie the deal.
Arsenal have been busy this summer, bringing in several names to strengthen their squad.
Arteta is a huge admirer of Partey, who has enjoyed tremendous statistics at the Wanda Metropolitano.
And the manager has offered an update on their pursuit of the Ghana deputy captain.
“We are in different moments as clubs, with the success they had over the years and how stable they have been in the Champions League and Premier League,” he said.
“We just try to get the right momentum by doing the deals we believe are going to make us stronger and, with the resources we have at the moment. We try to push as hard as we can as a team to do it as quick as possible.”
Arsenal are looking to revamp their central midfield with the Ghanaian largely regarded as the one to fit the bill.