Sterling has made 81 appearances for Chelsea and scored 19 goals since joining from Manchester City for £50m in July 2022.
The former Liverpool player was one of the first to arrive at Stamford Bridge following the takeover by co-controlling owners Behdad Eghbali and Todd Boehly.
However, after making 43 appearances in all competitions for the club last season, he was out of the first-team picture under Maresca.
It came after Chelsea had spent more than £200m on 11 signings this summer.
After Sterling was not involved in the Premier League opener against Manchester City, his representatives sought clarity over his future.
The forward had been linked with a move to Manchester United but the possibility of the switch to Arsenal emerged late in the window.
The move sees him link up again with Arteta, who was a coach at Manchester City when Sterling was there.
“I spoke with [sporting director] Edu and I said you can see the real togetherness from Mikel’s time here and you see the journey the boys are on,” he added.
“You can see the hunger, and I keep saying again, the togetherness is something I’m looking to be a part of.”
Sterling has been capped 82 times by England and was a key player for his country as they finished runners-up at Euro 2020.
However, he has not played for his country since December 2022.
