Aneke, 20, was a huge success during a loan spell with the Alex last season, netting eight times in 38 appearances.
The Railwaymen are now waiting on confirmation of the six-month loan from the Football League to see whether he will be eligible to face Rotherham on Saturday.
"We have managed to reach an agreement with Arsenal over Chuks and we are going to sign him on a six-month loan until January," Davis told the club's official website.
"We know the talent he has and he will be a good addition to the squad. I initially saw the ability he had and asked the supporters to have patience with him. They did that and in the end we saw what a huge talent he is.
"Chuks is a very creative player, who can play that killer pass behind centre-halves and full-backs. He is a big, strong lad and has two great feet. We are absolutely delighted to have him back. He made his wish to come back here and we can only thank Arsenal for all their help."