Gueye joined the Toffees a year ago from Strasbourg and has been progressing well since then.
He broke into the first team in the second part of last season and continued to impress with a brace at Bury in Everton's first pre-season game.
Toffees playmaker Arteta has observed the Frenchman closely in training and likes what he sees.
Speaking to the club's official website, Arteta said: "He looks good and he is the type of player you need as well. We need players who can unlock the door sometimes.
"Magaye has got a really good shot."
Arteta also admitted that excitement was building over the start of the 2011/12 Premier League season which is now under a month away.
He said: "There are still three weeks to go but we are all getting prepared very well. We are training hard and looking good."