The France midfielder featured for the first 45 minutes of the defeat to Chelsea Under-21s and could now be in contention to feature for the first-team before the end of the season
The 27-year-old's last appearance prior to Tuesday's clash in the Under-21 league was against Swansea City back in March 2013, where he suffered knee ligament damage.
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He was replaced at half-time of the meeting at Emirates Stadium and having seemingly come through 45 minutes of action unscathed, manager Arsene Wenger has suggested he could be close to a first-team return.
When asked if Diaby could still play a part for the Gunners before the end of the season, Wenger told the club's official website: "Yes of course, it depends how well he comes out of the game [against Chelsea Under-21s].
"He hasn't played for a year but physically he is ready to play, completely. It is now just decision-making, getting used to challenges again. He needs a game.
"Everybody [counted him out] but he is fit and ready."
Diaby has made just a handful of appearances for the Gunners over the last couple of years but is targeting a shock late charge for the France squad for the 2014 World Cup.