The North London outfit are eager to see their talisman return to action after a lengthy injury layoff.
Saka, a key figure for both club and country, suffered a torn hamstring in late December and has been sidelined since undergoing surgery.
His absence compounded Arsenal's woes, with forwards Gabriel Jesus and Kai Havertz also ruled out for the season due to injuries over the following weeks. Despite fan frustration, the Gunners opted against splashing cash in the January transfer window, a decision that drew heavy criticism from supporters and pundits alike.
Now, they appear focused on conserving funds for a summer spending spree.
In the Premier League, Arsenal's title hopes have faded, with Liverpool stretching their lead to 15 points after last weekend's results. The Gunners, who still have a game in hand and a trip to Anfield on the horizon, are now shifting their attention to Europe. With Gabriel Martinelli recently back in the mix after a month out, all eyes are on Saka's recovery ahead of the crucial Real Madrid tie.
Speaking at a press conference on Friday, Arteta provided an update on Saka's progress. "He's going to be here at the training ground, hopefully more with the ball at his feet than he has had," he said.
"That will mean he's passing, shooting, running, everything. He's already done quite a lot on the pitch by himself. Next, we need to get him into competitive sessions with others around him and see how he handles that. He's getting closer, stepping up, and making very good progress."
The Gunners face a London derby against Chelsea this Sunday, a match Arteta sees as a chance to capitalise on Liverpool's absence due to their Carabao Cup final commitments. "Two teams that want to dominate, press high, and play with the ball - it's about imposing our style and keeping them away from their strengths," he said.
"There's a lot of quality on that pitch, and that's going to be key."