The England stars have not played a game since March due to their respective injuries, but are now in line to make an appearance during the game at the Emirates.
"Jack has joined normal training since Wednesday and Theo should join in tomorrow. They are 90 percent available for Saturday," Wenger told the club's official website.
Wilshere has been out of action for about weeks since aggravating an ankle injury during the North London derby defeat at the beginning of March, and it had been feared that he could be out for the rest of the season.
The 21-year-old has been undergoing a special rehabilitation program at the club's new medical center in Colney, and he is now ahead of schedule to return to the first team.
Walcott has been sidelined since injuring his hip while away on duty with England last month, but he is now ready to be involved alongside his fellow international for Norwich's visit to the Emirates.
There is less positive news concerning the fitness of Tomas Rosicky, who scored both goals in last weekend's victory over West Brom, with the club confirming he is expected to miss out.
"The other uncertainty we have from last Saturday is Tomas Rosicky, who has a little hamstring irritation," Wenger said. "His involvement is yet to be decided as well but it's fair to say that he is a big doubt for Saturday."