The Gunners chief has had Germany international playmaker Ozil and England international forward Welbeck back in training this past week after the pair missed the final round of World Cup qualification matches with respective knee and groin problems.
And it appears that both could be in the squad for the late kick-off at Vicarage Road this weekend as Arsenal look to stretch their current unbeaten run to eight games in all competitions and make it five successive wins.
The Gunners are set to be without Shkodran Mustafi for the game as the defender's thigh injury continues to be assessed.
Mustafi suffered the muscle problem while on international duty with Germany during the first half against Azerbaijan as the holders secured their place at the 2018 World Cup after 10 straight qualifying wins in Group C.
Following the 5-1 victory in Kaiserslautern, Germany manager Joachim Low suggested it was a "torn ligament" which, if confirmed, would rule the 25-year-old out for a substantial spell.
Nacho Monreal is expected to be available while Rob Holding, who played against Brighton in the last outing, and veteran German Per Mertesacker are other options to come in for Mustafi.