"I don't know what (Capello's) thoughts are," Arteta told BBC Sport on Saturday. "If one day the opportunity comes, obviously I would have to consider it very seriously."
British media have linked the 28-year-old to a call-up since he gained British citizenship earlier this year.
Arteta has never played at full international level for his native Spain, who have a plethora of fine midfielders including Andres Iniesta, Xavi and Cesc Fabregas already in their European Championship and World Cup winning squad.