Hull-born James has had a chequered history with injuries over the last couple of years, and picked up a back problem playing for Wales in the recent Nations League campaign.
Deadline-day signing Bahoya picked up an ankle injury playing for France Under-21s, but has not definitively been ruled out for the weekend.
Centre-back Joe Rodon failed to meet up with the Wales squad after injuring his hamstring against Brentford in September, and will miss out.
INJURY: Daniel James (Image: Patrik Lundin/Getty Images)placeholder image
INJURY: Daniel James (Image: Patrik Lundin/Getty Images)
"Joe Rodon is on his way back in his rehab, making good progress," said manager Daniel Farke. "He is having individual sessions but it will last a bit until he's back in team training.
"Daniel James will miss the Arsenal game with a back injury.
"Jean-Matteo came back with an ankle sprain but he looks better. It seems like there is a chance at least.
"Harry Wilson is back in team training.”