Davis and Boufal both missed Sunday's win over Everton due to illness but have been included in the squad for the quarter-final encounter at the Emirates Stadium.
Saints boss Claude Puel has indicated he will make several changes to the side that beat the Toffees, with youngster Josh Sims set to be rested.
Cuco Martina, Maya Yoshida, Sam McQueen, Harrison Reed, Jordy Clasie, Shane Long and Jay Rodriguez are all vying to be named in the starting XI, as Southampton aim to reach the semi-finals of the League Cup for the first time in 30 years.
“For us it is an important competition and we start at the beginning with young players and the team is a mix of experienced and young players, and it is important to continue this work and philosophy," said Puel.
“We can see the last game against Everton it was fantastic for the intensity with a strong performances on the physical with the technical as well. It was fantastic and this is possible with players fresh, with good energy and it’s all the work of all the squad and all the players.
“Every time we can rotate the team and we keep always the same philosophy. Arsenal is the same.
“It will be a mix between experienced players and young players but the same philosophy and technical players and quality on the pitch, and I think we will see a very good game.”
Dusan Tadic and Matt Targett are still unavailable due to injury.