Arteta's side enjoyed a record-breaking 2023/24 campaign, winning more games than ever before in the division, but were still pipped to the title.
City finished two points above Arsenal thanks to their last-day victory against West Ham, rendering Arsenal's win over Everton irrelevant.
Arteta, speaking ahead of Arsenal's league opener at home to Wolves on Saturday, was asked what it would take to finally win the title after finishing as runners-up to City in the last two seasons.
The Arsenal manager made it clear his team would have to reach new heights to shatter City's four-year grip on the title.
"Break more of those records again, earn more points, for sure," the Spaniard said.
"It (89 points) won't be enough. With the level we are competing with and every season is getting harder, we are going to have to improve again.
"I don't know what perfect is but it has to be very close to the numbers that we've seen in recent years."
Arsenal haven't won the title since Arsene Wenger's 'Invincibles' went unbeaten through the 2003-04 league campaign.
But the painful near-misses endured by Arteta's men over the last two years have not dulled their appetite for success.
Arteta was especially heartened by the response of his players when they underlined their determination to catch City at an end-of-season function in London.
"We had a gathering together with all the club players and the players were saying to me, 'We're going to be better, we're going to do it, we want more'," Arteta said.
"They are the ones driving that ambition, so that's always positive.
"It's like you're trying to climb the highest mountain, the most difficult leap in the world and you're surrounded by people trying to achieve the same ambition. We're certainly going to try."
Italy defender Riccardo Calafiori, signed from Bologna in the close-season, could make his debut against Wolves, but Japan's Takehiro Tomiyasu is set to miss the match with a knee injury.
Arteta, meanwhile, refused to comment on reports he is looking to sign Real Sociedad midfielder Mikel Merino before the end of the summer transfer window.
"You know that I cannot talk about any other player," he said. "After the season we had two objectives.
"The main one and the most important one is to make sure that we still are very much in love with our players and find ways to improve them.
"Then ok, if there are certain opportunities in the market to improve the squad we have to look at that.
"While the market is open, things can happen. That's always a possibility."
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