Arsenal are ready to make a move for the striker who netted 20 Premier League goals last season but will face competition from London rivals Chelsea and Tottenham.
Manchester United have also been credited with interest in his services in the past.
Toney will likely have no shortage of suitors in January but the Mirror report Arteta hopes to convince the striker to head for north London.
The Gunners boss plans to sell Toney his ambition and vision for the club, hopeful it will be enough to convince him to reject rival clubs.
Arteta had such success in the summer with the club record signing of Declan Rice.
Manchester City made a late move to sign the England international from West Ham but Rice’s preference remained a move to Arsenal, eager to play under Arteta.
Meanwhile, former Arsenal star Paul Merson believes Toney is the only realistic option for his former side In January.
‘Only Ivan Toney is available for them in January – there aren’t many centre forwards around in the world. They’re a dying breed.
‘Years ago you had Michael Owen, Alan Shearer, Teddy Sheringham and Robbie Fowler were getting 20 to 30 goals a season and they didn’t get a million England caps. Ian Wright and Les Ferdinand too. Now you get to 20 goals in the Premier League and you play for England.
‘Toney is a good player – he can hold the ball up, he’s good in the air. Arsenal might have to go for him. But there are not a million centre forwards around.’
