The Brazilian has been out of action since undergoing a shoulder sugery following a challenge with Swansea City's Ashley Williams in mid-September.
"Coutinho is great," said Liverpool manager Brendan Rodgers. "He's been given the all clear by the specialist to come in.
"He's been training for the last few weeks, so he'll come back into the squad."
Left back Jose Enrique is a major doubt, however, having missed the draw against Newcastle and the win over West Bromwich Albion because of a knee injury.
The Spaniard has been struggling with the injury since the start of the season and is unlikely to be risked at the Emirates Stadium, with Aly Cissokho fit again following a recent ankle injury.
Liverpool are third in the Premier League with 20 points, two behind Arsenal and level on points with Chelsea.
Arsenal v Liverpool is live on Sky Sports 1 HD on Saturday, KO 1730