The midfielder was absent from the matchday squad for last weekend’s 3-2 victory against Wolves due to Covid.
But in a welcome boost for the Gunners ahead of another crunch clash in the race for the top four, Smith Rowe is set to return to action this weekend.
‘Emile looks like he’s going to be available,’ Arteta told reporters on Friday.
‘He went through Covid but he’s feeling good now and he’s had a couple of training sessions.
‘Hopefully he can get the rhythm and the consistency and stay out of missing games because he’s a really important player for us and we need him.’
However, the Gunners are still assessing Takehiro Tomiyasu, who has been sidelined of late with calf issues.
‘Tomiyasu we are still assessing him because we are taking some time to try to protect him and get him in the best and the safest possible way so he can help the team as quick as possible,’ added Arteta.
Leicester will be without striker Jamie Vardy for the meeting at the Emirates, with Brendan Rodgers ruling him out of the match.
‘He unfortunately got injured in the last game so is going to be out for a few weeks, which is a shame,’ Rodgers said earlier this week.
‘He just got a knock towards his knee, but hopefully in the next three to four weeks, he responds okay.’