The Spanish defender came close to leaving the Emirates last summer but the north London club rejected PSG's €35million (£30m) bid as they held out for a fee closer to €50million (£43m).
As vice-captain, the right-back has worn the armband on numerous occasions in the absence of skipper Pierre-Emerick Aubameyang.
Speaking after his side's 4-0 win over West Brom last month, Arteta heaped glowing praise on Kieran Tierney and touted Bellerin, 25, as a future Arsenal captain.
“I think he can be Arsenal captain as he has the respect and admiration of every member of the staff and every player,” Arteta said, as per Goal.
“It is just the way he is. He does it in a natural way.
“He is a really shy boy as well but he represents all of us in the club; all of the values that we want to instil and are in the DNA in this club.”
This article was most recently revised and updated 2 years ago