Arsenal was a good team in the last two years and they made everything harder for Manchester City as you said while it was not enough and still Arteta couldn't make Arsenal win the Premier League title. Getting Arsenal improved was enough and now it seems they want to see Arteta stay in this team for a longer time.
However, Arteta himself also wants to stay. his contract will end in 2025 but he said he is interested in extending his contract with Arsenal for a longer time.
Even if Arteta was unable to win the English Premier League for Arsenal or any other major trophy for the past two seasons, it cannot deny the fact that Arteta has been a good coach for Arsenal and a coach that every other club in need of a coach would want to have.However, Arteta himself also wants to stay. his contract will end in 2025 but he said he is interested in extending his contract with Arsenal for a longer time.
When he started the journey, it was not an easy one, many thought he would not succeed, but just because Arsenal trusted him and gave him the atmosphere to strive, he is how a world class coach. Obviously, Arsenal would not let him go attack his peak and he will also not want to go if he doesn't win trophies with Arsenal.