Lewis-Potter, 21, has been handed international recognition following a sparkling campaign, which has seen his name appear on the radar of a number of Premier League clubs including Brentford and West Ham.
He is among the England party who will face Andorra and Albania in under-21 European Championship qualifiers later this month. But fellow Hull-born player Greaves, also outstanding this term, misses out.
Sheffield United loanee Morgan Gibbs-White, Leeds United defender Charlie Cresswell, Huddersfield Town's Levi Colwill - on loan from Chelsea - and Middlesbrough's Djed Spence, on loan at Nottingham Forest, are also in Lee Carsley's squad.
Arveladze, who admits that Lewis-Potter's price tag may increase as a result, said: "I think for all the lads, it is quite important and for Keano, it is something to make him proud. I would (also) wish that Greavesy was also called. I think of course and he is on the scouting list and it is a good motivation for every young boy in and around the academy.
"It is important to go and be a number one (in your position) so when you come back, they (national team) say: 'yes, we made the right choice'. You will grow with this and be a better player and more experienced. And Keane's young age, this is a very important thing and of course, we are proud and supporters are proud.
"It is something you give back.
"When you have an image of an international player, it is a price which goes high probably."
Meanwhile, Leeds duo Sam Greenwood and Lewis Bate and Huddersfield loanee Tino Anjorin have been named in England under-20s squad for their forthcoming fixtures with Poland and Germany.
Boro's Nathan Wood is also in the party.