"I was very scared about this day because 99 percent, that was my last game as a professional footballer," Arteta told the club's website (www.arsenal.com).
"I have different options now to continue in relation to this magnificent sport."
Arteta joined Arsenal in 2011 after six years at Everton and helped the Gunners end a nine-year trophy drought by winning successive FA Cups.
"I always tried ... to do my best. Even if we had some difficult moments, at least we got this club back to winning ways again. We won some trophies," he added.
Arsenal's defeat of Villa allowed them to pip bitter local rivals Tottenham Hotspur to second place in the table.
Along with Arteta, midfielders Tomas Rosicky and Mathieu Flamini will also leave the club in the close season.
(Reporting by Nivedita Shankar in Bengaluru, editing by Nick Mulvenney)
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