Saka missed his side’s 1-0 Premier League win over champions Manchester City on Sunday with a hamstring injury.
England face Australia on October 13, before taking on Italy in a European Championship qualifier four days later.
“No, he will not make it,” said Arteta after Sunday’s game. “He has not trained for a single session.”
While he would not disclose the likely length of Saka’s spell on the sidelines, Arteta added: “He is not available to play football at the moment.”