The English starlet has struggled with a persistent groin injury since the turn of the year, which has prevented him from featuring for the German club.
Smith Rowe's last senior appearance came in November for the Gunners in the Europa League, where he scored the opener in a comfortable 3-0 away win against Vorskla.
The 19-year-old is now finally returning to full fitness and after participating in training with the Leipzig squad this week, Rangnick is ready to grant him his first opportunity for the club.
Speaking at a press conference ahead of a vital encounter with Wolfsburg, the 60-year-old coach said of Smith Rowe's progress: "He will more than likely be in the squad for the first time.
"He's trained all week, and gives us another option."
Leipzig are currently third in the Bundesliga on 55 points from 28 matches, with a seven-point lead over fifth-placed Borussia Monchengladbach to protect in their bid to qualify for next year's Champions League.
Wolfsburg are three points further back in sixth and Rangnick's men can knock them out of contention with a victory on Saturday.
Smith Rowe is one of two Arsenal loanees currently plying their trade in the Bundesliga, with Reiss-Nelson nearing the end of a season-long spell at Hoffenheim.
The 19-year-old has scored six goals in 18 league games for the German outfit and his Emirates Stadium colleague will be expected to make a similar impact at Leipzig.
After a promising first few months of the 2018-19 campaign which saw Smith Rowe granted six appearances for Arsenal across all competitions, he looked set to graduate to Unai Emery's squad for the second half of the season.
Unfortunately, fitness issues stalled his momentum, but if he impresses in a cameo appearance at the Red Bull Arena against Wolfsburg, he might begin to get his fledgeling career back on track.