The Ealing native has missed three months after undergoing surgery on the injury, sustained during Arsenal's Premier League victory over Crystal Palace on 21 December.
But Arteta has confirmed that the talismanic winger - who has registered nine goals and 10 assists in 24 games across all competitions for the Gunners this campaign - is in contention to feature for his side's clash with Fulham at Emirates Stadium.
"Bukayo Saka is ready to go," said Arteta.
"All the careful things are already done. Now it's about putting him on the grass at the right moment, but he's pushing because he really wants to.
"We have respected the timeline and we have done everything.
"Bukayo is a massive weapon that we have. We know the impact he has in the team and how important his role and contribution is to our success."
Having entered the season with hopes of capturing a first Premier League title since 2004, Arsenal find themselves in second place, 12 points behind leaders Liverpool with nine games left in the season.
They welcome a Fulham side reeling from their FA quarter-final defeat to Crystal Palace, with Emile Smith-Rowe in contention to start against his former side.
Smith-Rowe had departed the Gunners in a £34 million move last summer and has gone onto record five goals and two assists in 26 league games so far this season.
The two teams shared a 1-1 draw in their most recent meeting at Craven Cottage last December, with William Saliba's effort cancelling out Raul Jimenez's opener.
Arteta added: "I don't know. It's always a really tough opposition, a team that is very well coached.
"They've been together for many years, they have great organisation, a lot of individual quality and a very clear identity of how they play, how they want to approach the games, especially against us. So we're going to have to be really good tomorrow to beat them.
"\[Smith Rowe\] has got all the attributes to become a top, top footballer, and that consistency, especially with us, he was unable \[to maintain\], especially in the periods that he had injuries. But he has tremendous quality."