The Gunners signed Ceballos on a season-long loan deal from La Liga giants Real Madrid in the summer transfer window.
The 23-year-old opted to move to Arsenal despite being linked with a host of top European clubs.
Ceballos impressed on his full Arsenal debut in a 2-1 victory over Burnley at The Emirates last month.
The Arsenal star helped to create Pierre-Emerick Aubameyang’s winner against Sean Dyche’s side.
Ceballos then produced a muted performance in a 3-1 loss to Liverpool FC at Anfield.
The Spain Under-21 international came off the bench to help Arsenal secure a 2-2 draw with Tottenham Hotspur last weekend.
And former Arsenal defender Keown has named Ceballos as the player who has impressed the most in the Premier League so far this season.
“His home debut against Burnley was one of the best I’ve seen in an Arsenal shirt,” Keown told the Daily Mail.
“I love his willingness to get on the ball and couldn’t work out why he was benched against Spurs. He seems a special player.”
Ceballos netted five times in 56 games in all competitions during his two-season stint at Real Madrid.
The Spanish playmaker is set to spend the season on loan at Arsenal before returning to los Blancos next summer.
Arsenal have collected seven points from their opening four games in the Premier League.
Unai Emery’s side will make the trip to Watford in their next Premier League game at Vicarage Road on Sunday 15 September.
Arsenal finished in fifth spot in the Premier League table last term.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news