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I think this should be the only criteria for Arteta to keep his job, he has done so well for the club that is undoubtedly significant in his years as the club manager but it is time for an upgrade. Arsenal should be winning trophies at this level and he is either giving the club trophies or take a walk. Thrice in the last three seasons Arsenal have come so close to winning a silverware and slipped off, I think it’s time for a change.
IMO. Arteta keeping his job if he doesn't win EPL title lies in the hands of the management and not the fans. Who knows if Arsenal management is cool with the second position as long as they don't miss it and go to the Champions League. I could remember that during Arsen Wenger's time, the same thing happened and some of my friends that were Arsenal fans, decamp from Arsenal because they wanted to feel how it is to win the EPL title. Maybe, that's the spirit of the club, who knows.
If the club top brass are satisfied with Arsenal performance which always fails to win trophies, they will slowly lose their fan base around the world. Arteta doesn't appear to be under pressure even after Arsenal once again failed to win a trophy and finished as Premier League runners up, perhaps this can be interpreted as the club top brass accepting Arteta performance.
However, every team that has spent a lot of budget to build squad depth, they are certainly ambitious to achieve success, it's just that so far Arsenal have not been lucky. Arteta seems to be asking the club top brass to support him in the transfer market, he hinted that he would recruit a new striker to strengthen Arsenal front line next season.