"Jack has joined normal training since Wednesday and Theo should join in tomorrow. They are 90 per cent available for Saturday," Wenger told the club's official website.
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However, as Goal.com recently revealed, the 21-year-old has been undergoing a special rehabilitation programme at the club's new medical centre in Colney, and is now ahead of schedule to return to the first team.
Walcott has been sidelined since injuring his hip whilst away on duty with England last month, but 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 continued.
"His involvement is yet to be decided as well but it's fair to say that he is a big doubt for Saturday."