Arshavin has missed four matches with a groin problem, while Walcott has not played this season due to a side strain - but both are in the squad for Craven Cottage.
Goalkeeper Manuel Almunia is still struggling with a stomach problem so Vito Mannone could be in goal.
"Arshavin should be back and (Robin) Van Persie should be all right despite a little problem," Wenger said. "We have a test tomorrow with him and Almunia is still a week away.
"We are very pleased because Arshavin gives us an attacking option that is always very interesting and away from home he's always very efficient as well.
"He's a guy who turns up at the right moment and can always create chances or score himself."
Source: Telegraph