Smith Rowe was forced off with a hip injury during the 3-1 win over Leicester City at the end of February, missing last Saturday’s draw with Burnley as a result of the knock.
While there was initial concern the 20-year-old attacking midfielder may have suffered a serious injury, scans last week confirmed there was no significant damage.
Arteta now says the player is close to being available once again.
He told a press conference on Wednesday: ‘He is close to returning, he will have a full session today to see if he can be involved in tomorrow’s game. After training we will know exactly where we are at him.’
Should Thursday’s first leg round of 16 clash against the Greek giants come too soon for Smith Rowe, Arteta will hope to have him available for Sunday’s north London derby with Tottenham.
Arsenal were dumped out of the Europa League by the same opposition at the last 32 stage last season with Pierre-Emerick Aubameyang missing a huge chance in the final seconds of the contest that would have sent the Gunners through.
‘Obviously it was a really tough one to swallow,’ Arteta said. ‘The way it happened at the end, it was really cruel.
‘I think we are a better team than we were last year. Looking back at the two games that we played and the way we are playing now, I think we have come a long way.’