The attacking midfielder has been out of action since February 28 with a hip issue, but he was due to take part in full training on Wednesday before Arsenal fly to Athens.
Arteta also has a decision to make as to who starts at right-back, with both Cedric Soares and Hector Bellerin rested last weekend.
Nicolas Pepe is another pushing to start on the left ahead of Willian, while a fully fit Emile Smith Rowe would be an option there too.
Arsenal predicted XI (4-2-3-1): Leno; Bellerin, Luiz, Gabriel, Tierney; Partey, Xhaka; Saka, Odegaard, Pepe; Aubameyang.
Thursday 8.00pm GMT, BT Sport
Venue: Georgios Karaiskakis Stadium
Arsenal squad from: Leno, Ryan; Bellerin, Cedric, Chambers, Gabriel, Holding, Luiz, Mari, Tierney; Ceballos, Elneny, Odegaard, Partey, Saka, Smith Rowe, Xhaka; Aubameyang, Balogun, Lacazette, Martinelli, Nelson, Nketiah, Pepe and Willian.