The Danish international has played just 56 minutes of Premier League football this season and has been an unused substitute in five of Arsenal's last six matches.
Former striker Gabby Agbonlahor believes that record points to a clear lack of trust from Arteta, particularly at a time when several key players appear to be struggling physically.
Arsenal's midfield has shown signs of fatigue, with both Declan Rice and Martin Zubimendi featuring in over 50 matches this campaign.
Zubimendi, in particular, has come under pressure from supporters following a dip in performances, including calls for him to be benched after the defeat to Bournemouth.
Despite these concerns, Arsenal produced a solid display in their 1-1 draw away to Atletico Madrid in the first leg of their Champions League semi-final. However, the result means they have won just two of their last seven matches in all competitions.
"What stood out for me last night [vs Atletico], and it stood out to me against Newcastle: players looking tired," he told talkSPORT.
"They're looking really tired. And I hope this doesn't affect Arsenal. They've got a chance of winning two trophies.
"Could the tiredness in the squad affect them? They've played 57 games this season, Arsenal. Fulham, who they play on the weekend, have only played 41.
"When you watch Declan Rice, and especially on Saturday, he looks shattered when you watch him."
"I'm surprised Norgard hasn't played a lot more this season because he was Brentford's captain," he added.
"I thought he was fantastic at Brentford. He doesn't trust him at all. He's played hardly any games this season."
Atletico Madrid are expecting to have Julian Alvarez, Giuliano Simeone and Alexander Sorloth available for next week's Champions League semi-final second leg against Arsenal after injury fears eased following the first meeting in Spain.
Bukayo Saka has said Arsenal would head into next week's Champions League semi-final second leg with confidence after securing a hard-fought draw away to Atlético Madrid in Spain.
Diego Simeone has insisted Atletico Madrid were the better side despite being held to a 1-1 draw by Arsenal in the first leg of their UEFA Champions League semi-final on Wednesday night.
Mikel Arteta was left angry after Arsenal were denied a late penalty in their 1-1 UEFA Champions League semi-final first-leg draw against Atletico Madrid on Wednesday night.
