Brazil midfielder Guimaraes, who joined the North London club from Newcastle United earlier this month, missed the opening league win over Coventry City last week after suffering a minor injury in the Community Shield against Manchester City.
The 28-year-old has resumed training and could be in line for his Premier League debut in Arsenal colours against Villa.
"He (Guimaraes) is potentially available, yes," Arteta told reporters on Thursday. "He's out on the pitch. He's been doing training sessions. But we need to manage the load to get him to Monday and be in the best possible position to be selected."
Arteta also confirmed that England defender Konsa, who signed with the North London club last week, is available for selection against his former team. However, the Spaniard was unwilling to discuss speculation surrounding Alvarez.
"Don't go there. I'm not going to make comments about players from other clubs," Arteta said.
Asked whether he had personally spoken to the Argentina forward, Arteta added: "You know I'm not going to make comments on that publicly because that would be doing a different job."
Arteta also said Arsenal's current squad size was influencing selection decisions, amid speculation that winger Gabriel Martinelli, forward Gabriel Jesus and midfielder Ethan Nwaneri could depart.
"Everybody knows and recognises how much we love (Martinelli). Whatever the outcome is, it will be because everybody agrees to that," he said.
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