Partey has been out of action since the back end of October after injuring his thigh during a training session.
Arsenal are currently short on defensive options as Takehiro Tomiyasu (calf) has joined Jurrien Timber (knee) on the sidelines.
Partey has filled in at right-back before this season, but the chances of him being back for big games - like Arsenal’s trip to Anfield on December 23 - appear slim.
“He is getting a very good evolution in the injury, but it’s a bit early to get a timeframe,” said Arteta.
“That will be incredibly fast if he is able to do that (be back for Liverpool), so we are going to have to wait.
“We are quite short with five key, key players not being available for us for a period of time, but we have to continue.”
Asked about a lack of defenders now being in the squad means, Arteta said: “We’re going to have to adapt.
“We have what we have right now. It’s true that the January window is coming up. We will have to assess where the squad is and the needs that we have.
“At the moment it’s something that we cannot change. We have to play all the games now throughout December in the best possible way and win games.
“We have to consider every scenario. We need to have a clear timeframe as well of when those players will be back, in which condition and how many minutes they’re going to be able to play.
“After we’ve done all that work, we’ll try to make the best call for the team.”