The pair were dropped by former coach Thomas Schaaf toward the end of last season after a string of disciplinary problems.
They spent the last month of the campaign training alone, with no contact with the first team at all.
Dutt, however, believes they could make a difference next season and he is ready to give them another chance.
"Elia and Arnautovic are two very special spices which could do our recipe a lot of good," he said.
"If we get things right, then they could enrich any meal."
Dutt is also on the lookout for two new players to strengthen his squad after losing Kevin de Bruyne and Sokratis Papastathopoulos.
"We need a forward and a defender," he told the Bild newspaper. "And it is also possible that we sell some more players and bring a few in during August."