The playmaker missed Saturday’s 0-0 draw at Everton but is back in training – as are both Hector Bellerin and Dani Ceballos following hamstring issues.
Gabriel Martinelli (hamstring) will be assessed ahead of the trip to the south coast but Calum Chambers is suspended after picking up five yellow cards, while Rob Holding (knee), Sead Kolasinac (ankle) and Kieran Tierney (shoulder) are absent.
Arteta, the 37-year-old Spaniard, joined Arsenal as their new head coach last Friday, returning to the club where he ended his playing career in 2016.
He takes over with the Gunners having won only one of their last 13 games and sitting in the bottom-half of the Premier League.
While he was announced as the new boss before the weekend trip to Everton, interim head coach Freddie Ljungberg took the team at Goodison Park as the two sides played out a drab 0-0 draw.
Arteta – whose first game at the helm is a Boxing Day trip to Bournemouth – watched on from the stands.
Meanwhile, Bournemouth will be without Diego Rico for the Boxing Day visit of Arsenal.
The Cherries left-back is absent due to suspension, while manager Eddie Howe has confirmed that Nathan Ake remains sidelined by hamstring trouble.
Bournemouth, on a run of six defeats in seven games, have a number of other players out, including Adam Smith, Steven Cook and Harry Wilson.
Bournemouth provisional squad: Ramsdale, Francis, Stacey, Mepham, Gosling, Lerma, L Cook, Fraser, Billing, King, Boruc, Simpson, Surman, Stanislas, Kilkenny, Dobre, Solanke, Ibe.
Provisional Arsenal squad: Leno, Martinez, Bellerin, Maitland-Niles, Papastathopoulos, Luiz, Mustafi, Mavropanos, Guendouzi, Torreira, Willock, Xhaka, Smith Rowe, Saka, Nelson, Pepe, Lacazette, Aubameyang, Martinelli.