The England international returns to the side amid contract negotiations, while the Russian also returns to the fold for the first time since the Premier League's opening day
Arsene Wenger has opted for a largely youthful side with youngsters Damian Martinez and Martin Angha making their senior debuts for the Gunners.
Olivier Giroud will have a chance to net his first goal for the Gunners, and starts up front with Walcott and Andrey Arshavin, who featured in the opening-day draw with Sunderland.
Emmanuel Frimpong is named among the substitutes as he steps up his recovery from a serious knee injury.
Coventry include two debutants in their side with James Bailey and Franck Moussa in midfield making their first appearances for the Sky Blues.
Arsenal starting XI: Martinez; Miquel, Djourou, Angha, Santos; Yennaris, Coquelin; Oxlade-Chamberlain, Walcott, Arshavin; Giroud.
Subs: Shea, Squillaci, Bellerin, Frimpong, Eisfeld, Gnabry, Chamakh.
Coventry City starting XI: Murphy, Clarke, R Brown, Wood, Reckford; Baker, Barton, Bailey, Moussa; McSheffrey, Elliott.
Subs: Hussey, McDonald, Fleck, Dunn, Ball, Edjenguele, Daniels.