Sunday's (Monday AEST) traditional curtain-raiser will see the Premier League champions Arsenal take on FA Cup winners City in Cardiff.
Arsenal, who lost last season's Champions League final to Paris St Germain on penalties, aim to begin the campaign on a positive note after ending a 22-year wait for the Premier League title.
"You can tell how hungry the players are, which is a good sign," said Arteta.
"I love the way the players have come back, most of them earlier than expected. Really fit, we've done all the testing. They all seem in great condition.
"The moment they start to look at each other, I said 'look at the squad that we have and what we're building'. There's a lot of excitement.
"The best version of Arsenal has to be on Sunday. That's the intention. The best performance, the best way to start the season by lifting the first trophy. That's the way we've prepared for the season. On day one, be at our maximum level."
The close season had also injected fresh competition into the squad following a busy spell of recruitment.
Arsenal have made a number of key additions, led by midfielder Bruno Guimaraes, from Newcastle, alongside Christos Tzolis and goalkeeper Illan Meslier.
The club were also linked with Brazil winger Vinicius Jr before the 26-year-old opted to extend his stay at Real Madrid.
"It's a very exciting part of the season," Arteta added. "There's an opportunity to evolve and understand how every player is feeling. We are trying the maximum within 13 or 14 days to compete for every possible position."
