Arteta and Bayern boss Vincent Kompany have led their sides to 12 points from a possible 12 so far, with both sides enjoying an incredible start.
Bayern head to the Emirates on a five-game unbeaten streak against the Gunners, winning four of them.
Arsenal, however, will be filled with confidence after their North London derby win over Tottenham, which saw Eberechi Eze bag a hat trick.
Arsenal must continue their fine form against Bayern
Arteta first spoke on carrying over that winning energy to the German champions, who are unbeaten in the Bundesliga so far, winning 10 out of 11 games under Kompany.
"Yes, we do, and we have to carry on that energy, and we play with the same dominance and aggression and efficiency."
On if beating Bayern makes Arsenal part of that European elite despite never winning a Champions League title:
"I don't know, you talk about performances and consistency, hopefully yes.
"But we have never won the Champions League in our history; they have six."
Arteta was also asked about stopping former Tottenham star Harry Kane and Michael Olise, who have been in incredible form this season. In the Bundesliga alone, Kane has 14 goals and three assists, whilst Olise has six goals and six assists as they charge towards yet another league title.
"For sure, and this is the kind of game in the competition that we want to face."
Team news
Despite being riddled with injuries, which includes star defender Gabriel, Arsenal head into Wednesday's clash seeking a 16th successive Emirates win in the Champions League league-phase/group stage.
Arteta was asked about his side and who may return for the contest, firstly on Kai Havertz and Viktor Gyokeres, who could return to Arsenal's already deadly attack.
"Really good both of them, in the next few days they will have scans to see if we can push them for the weekend."
On Noni Madueke, Gabriel Martinelli and Martin Odegaard: "They are, and we're going to have a meeting now to decide on Martin. We are confident he can be in the squad."
On Gabriel Jesus: "He's quite close to be fair, and it's earlier than expected. In the next few days, he'll have another chance with a game that we're going to organise for him."
Finally, the Spaniard was asked about squad depth which, when the whole team is fit and ready, is some of the best in Europe. Rotation is key for a side that is still in every competition, and Arteta confirmed that squad depth has to be effective so that his side does not suffer fatigue and further injuries.
"It is, and it has to be, and thank God that we have improved the depth of the squad compared to previous seasons.
"It's a different league, and we need to be conscious of that."