The 22-year-old has not played since September due to a groin problem, which he had surgery to rectify.
After a tremendous season last time round, the academy graduate has been limited to just four substitute appearances in the Premier League due to the injury.
However, it appears that it is behind him now and he is back in training with his teammates, with the possibility that he could be involved at Oxford on Monday.
In his pre-match press conference on Saturday, Gunners boss Mikel Arteta said that if Smith Rowe looked good in training then he will be in contention immediately.
‘Tomorrow if he trains well, he will hopefully be available to give us something in the game,’ said the Arsenal manager.
‘We need him fit and at his best, and when we have that, we have an incredible player that we have missed a lot in the last few months.
‘He can play as an attacking midfielder, as a winger and even as a nine; I think he’s played there before.’
With Smith Rowe’s return Arsenal are looking in pretty good shape injury-wise, only missing Gabriel Jesus and Reiss Nelson.
Neither are set to return imminently, with Jesus not likely to be back till the end of February and Nelson out for even longer.
After the FA Cup action Arsenal have back-to-back mammoth contests in the Premier League as they go to Tottenham on 15 January and then host Manchester United a week later.
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