Arsenal were beaten home and away by Villa in the 2023/24 campaign - the 2-0 loss in North London in April putting a massive dent in their ultimately failed bid to dislodge Manchester City as champions.
City ended that season top by two points with the race going down to the final day, but this time Arsenal are in the ascendancy and if they beat Villa in Saturday's early kickoff, they would move eight points clear of Pep Guardiola's team and nine ahead of third-placed Villa.
Villa boss Unai Emery, whose sacking at Arsenal paved the way for Arteta's appointment, has put Villa into the top four, and they have a league-high 25 points from their last 10 league games after Wednesday's 4-3 win at Brighton.
"Well, for what they've been doing, the way they've been playing and winning these matches, certainly it's a team that is in great form, and we know that," Arteta told reporters.
"We know, obviously, the manager and the incredible job that he's done there as well. So we know the task tomorrow, but we always think it's an opportunity."
Villa also drew 2-2 at Arsenal in the middle of last season, and there is a suggestion that Emery is even more motivated against the club that decided he was not for them.
"I don't know. I think when you look at Unai, his career, his motivation level, everywhere there's been an impact that he's done, it's always been remarkable," Arteta said.
"That's a question for him. But in my opinion, he never needs anything extra. I think he's good enough in himself."
Arsenal stretched their unbeaten run in all competitions to 18 on Wednesday with a 2-0 home win against Brentford, although they suffered some injury concerns with defender Cristhian Mosquera hobbling off with an ankle injury, and Declan Rice also failing to finish the game after coming off late on.
Arteta said Mosquera's injury was 'more complicated' and would know more on Friday, while he was coy about Rice.
"Every hour is going to be very important to see the availability of the players," Arteta said.
There was good news on defender William Saliba and forward Leandro Trossard, though. "It is a matter of days with those two, for sure," Arteta said.
The Spaniard has raised concerns about the fixture schedule, with Arsenal facing Villa less than 72 hours after facing Brentford, although Villa are in the same boat.
"The only thing I can say is that whenever it's possible to help and give the players an extra day or hours to fulfil their maximum potential, let's do it," he said. "That's it. We are ready for tomorrow's game, that's for sure."